UAE markets rise in tandem

The UAE markets rose in tandem on Monday, with Dubai Financial Market gaining 0.50 per cent and Abu Dhabi Securities Exchange 0.43 per cent. The DFM index, which reached a four-year high on Sunday, closed at 2196.02. However, the decliners were more in numbers than the gainers. Of the 30 companies that traded on DFM, 18 declined, five advanced and seven remained flat. The capital’s index ended at 3418.93. “Some profit taking [was seen] today after strong performance over the past few weeks,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group. He added that the UAE and GCC markets remain underpinned by underlying fundamentals and whilst near volatility is likely. “I would expect the GCC markets to move higher despite the usual summer slowdown effect. Overall interest in equity markets remains strong and investor confidence has increased significantly,” Khokhar said. Commercial Bank of Dubai was the biggest gainer, soaring 14.29 per cent to close at Dh4. Other gainers included Tamweel, up 2.40 per cent to Dh1.28; Emirates NBD, advancing 1.90 per cent to Dh5.35 and Dubai Islamic Bank, which was up 2.44 per cent to Dh2.94. Emaar Properties, the second highest traded stock, remained unchanged at Dh5.55. Arabtec and Tabreed were among the prominent losers, declining 0.85 per cent and 1.17 per cent respectively. In Abu Dhabi, of the 38 companies that traded, 18 gained, nine declined and 11 remained unchanged. Aldar Properties lost 0.64 per cent to close at Dh1.55. Etisalat also fell, retreating 0.84 per cent to Dh11.85. First Gulf Bank advance 1.02 per cent to Dh14.90. Source: Gulfnews.com