UAE stocks secure massive gains as trade optimism persists

Growth was spurred by a buying spree that selectively targeted blue chips

  
Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

REUTERS/Ahmed Jadallah

ABU DHABI: Upbeat sentiments triggered by improved performance across all global stock markets saw the UAE's twin bourses' general indices surging and gaining to the tune of AED16.4 billion at the close of Sunday's session.

The growth was spurred by a buying spree that selectively targeted blue chips and generated AED800 million in liquidity over 537 million shares through 10,124 deals.

The bullish trend saw the Dubai Financial Market's General Index rising 2133 pts, or 4.60 percent over the last trading session, securing the largest daily gains in quite a long time. This was motivated by the positive performance of leading banking shares, including the Emirates NBD which continued its upward streak and closed high at AED9.33, followed by the Dubai Islamic Bank which ended the session high at AED4.03. The realty market was led by Emaar which edged up to AED2.77, followed by Emaar Development at AED2.28 and Emaar Malls at AED1.41.

At the capital's bourse, the general index rose 2.37 percent to 4,405 pts and is set to further grow over the coming few days on the back of the global momentum, spearheaded by banking leaders, like FAB which closed high at AED12.00, ADCB at AED5.25 and AIB at AED3.78.

© Copyright Emirates News Agency (WAM) 2020.

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