Stocks gain AED8 billion

UAE stocks closed on a high note Thursday, gaining AED8 billion driven by a buying spree over leaders, primarily Emaar Properties which rose AED 7.49 ahead of the company's announcement of its Q1 financial statements.
The Dubai Financial Market, DFM, General Index rose by 0.74 percent to 3,420 points and Abu Dhabi Securities Exchange, ADX, to 4608 points, a growth of 0.58 percent.
According to market brokers, foreign institutional cash flows have been invested and consolidated the gains of ADX and DFM indexes, with a total of 4730 transactions worth AED 623 million conducted over 439 million shares.
First Abu Dhabi Bank, traded under the ticker symbol NBAD, was a top performer, remarkably jumping to AED 11.25 over AED126 million trading, while Etisalat edged toward the AED18 mark, closing at AED 17.90.
At DFM, Emaar's upward movement reflected positively on the overall performance, with Damac up to AED 2.64, Emaar Malls to AED 2.64 and Arabtec to 77 fils.
Overall, advancing stocks, therefore, outnumbered declining shares, with 33 companies closing with a profitability, 21 down and 11 at their last traded prices.

Source: WAM