Wednesday , January 24 2018

Real estate sector drives stock markets

Abu Dhabi / WAM

Decent gains held by the real estate sector kept UAE markets stable on Tuesday, with ADX General Index closing high 0.71 percent at 4470 and DFM General Index slightly down 0.03 percent at 3652 points.
Emaar hit a new high, closing at AED8.78, driven by the momentum created by the now-running Cityscape Global 2017. Market analysts attributed the high sentiments prevailing on the real estate sector to the mega enterprises being launched during the influential showcase.
Within this context, Emaar attracted AED54 million of transactions, accounting for 19 percent of total trading at DFM which edged slightly down at the close of the session due to a spree of profit booking. At ADX, NBAD rose to AED10.45 with RAK Properties following suit at 72 fils, both claiming 43 percent of total liquidity at the capital’s bourse. In terms of volume of trade, a total of 4773 transactions were conducted worth AED520 million over 380 million shares. Out of 59 trading companies, 14 closed high, 23 down and 22 at their last traded prices.

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