Selective buying spree targeting blue chips drives UAE stock markets

ABU DHABI — Amidst a spree of selective purchases targeting blue chips on UAE stock markets, Emaar closed on a high note of AED8.65, securing gains of 2.2 percent since the property giant’s launch of a new project recently.

The company’s positive performance propelled the DFM General Index which grew by 0.49 percent, closing high at 3642 points, with ADX General Index closing slightly down 0.48 percent at 4457 points following a streak of profit booking.

Benefiting from the upbeat sentiments, Damac rose to AED3.98, Al Diar to 52 fils, and Dubai Investments to AED2.35, and du to AED5.55.

NBAD was the best performing in the capital’s bourse, wooing transactions of more than AED341 million, albeit closing down to AED10.30.

In the meantime, most of the dual-listed companies held decent gains, with GFH rising 2.2 percent to AED1.84, Alsalam-Bahrain Bank to AED0.917 and Hits Telecom to AED0.537.

A total of 3433 transactions worth AED615 million were conducted at the end of the day over 257 million shares.

Out of 60 trading companies, 21 firms closed high, 24 down and 15 at their last traded prices.

Source: Emirates News Agency