UAE stocks net $4.6bn gains amid growing trade optimism

Upbeat sentiments triggered by improved performance across all global stock markets saw the UAE's twin bourses' general indices surging to Dh16.4 billion ($4.46 billion) at the close of Sunday's session.


The growth was spurred by a buying spree that selectively targeted blue chips and generated Dh800 million in liquidity over 537 million shares through 10,124 deals.


The bullish trend saw the Dubai Financial Market's General Index rising 2133 points, or 4.6 per cent 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 Dh9.33, followed by the Dubai Islamic Bank which ended the session high at Dh4.03. 


The realty market was led by Emaar which edged up to Dh2.77, followed by Emaar Development at Dh2.28 and Emaar Malls at Dh1.41.


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 Dh12, ADCB at Dh5.25 and AIB at Dh3.78.-TradeArabia News Service




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