Capital markets gain AED4 billion in a week spearheaded by Emaar

UAE capital markets ended on a positive note Thursday despite profit-booking towards the end of the day, with trading companies securing around AED4 billion in gains over the week, mostly at Dubai Financial Market.

Emaar was the top-performer of the week trades, breaking a new high to close AED8.38, a 3.3 percent growth, with more records expected over the coming period as investors are still waiting for the property giant to reveal its H1 financial results.

Emaar's positive performance reflected positively on the market mood, with Dubai Financial Market spiking 2 percent to 3675 points over five sessions, with ADX General Index closing at 4596 during the same period, an increase of 0.06 percent over the past week.

Analysts and brokers expected further market improvement after the end of the usual lackluster holiday season.

Advancing shares included Dubai Investments which went up 5 percent to AED2.53 in addition to Dubai Islamic Bank which grew 5.3 percent to close at AED6.17.

In terms of volume of trades and liquidity, a total of 22404 transactions were conducted worth AED2.1 billion -AED1.6 billion of which at DFM- over 1.3 billion shares.

Source: Wam