Buyers sustain market gains
The UAE's stock markets ended the week in positive territory amid strong buying interest after a short wave of profit booking.
Dubai Financial Market rose for the second day running, consolidating its position above the resistance level of 1,900 points.
The
general index gained 15.96 points, or 0.84 per cent, to close at
1,919.35. Strong buying interest was seen in leading realty and
construction stocks including Emaar, Deyaar, Arabtec and DSI.
Turnover more than doubled compared with the previous session as 556.2 million shares worth Dh919m changed hands.
Accumulation
continued on the market as different types of investors bought in
anticipation that August would bring a strong rally. However, analysts
said buyers were still be targeting selected stocks for short-term
trading.
Air Arabia was yesterday's top gainer, adding five per cent to close at Dh1.05.
The
stock was also the day's most active, accounting for almost 20 per cent
of volume. Interest in the airline increased after the release of data
showing that Sharjah airport, its base, handled 11 per cent of all
passengers in the UAE during the second quarter.
The data increased expectations that Air Arabia's operating revenues would rise due to the surge in passenger numbers.
Heavyweight
Emaar Properties was very active, accounting for a third of the trade
value. The stock turned bullish and strong buying was seen throughout
the session, and it added 2.61 per cent to close at Dh3.14 after
jumping to Dh3.22 during intraday trading.
In the capital, Abu
Dhabi Securities Exchange saw the end of a period of profit booking as
it rose slightly by 3.3 points to close at 2,844.46. Energy stocks
Aabar, Taqa and Dan were the most active gainers.
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