Dubai stocks reversed midday losses yesterday and moved higher to finish a positive week on another high note. "At this point we're just trying to maintain the gains in the index seen so far," said Rami Awwad, the operations manager at Al Awael Securities in Abu Dhabi. The Dubai Financial Market General Index moved up 0.9 per cent to 1,689.45 and finished the week with a 2.6 per cent gain.
Union Properties increased 5.8 per cent to 42 fils on higher-than-normal volumes of 19.2 million shares. Market chatter involved speculation the company was close to finalising the sale of the Ritz-Carlton Hotel in Dubai for more than Dh1 billion, said Ameed Kanaan, the operations manager at Al Jazira Financial Services in Dubai. Aramex shares increased 1.3 per cent to Dh2.20, the courier's eighth consecutive day of gains. Shares of Aramex have added a total of 25.7 per cent in less than two weeks.
The Abu Dhabi Securities Exchange General Index moved 0.3 per cent higher to 2,639.33. Gains were led by Etisalat, up 0.4 per cent to Dh10.50 a share. National Bank of Abu Dhabi added 0.4 per cent to Dh11.85, while Abu Dhabi Commercial Bank gained 0.4 per cent to Dh2.15 a share. Elsewhere in the region: Kuwait's index remained unchanged at 6,840.10; Bahrain's measure added 0.3 per cent to 1,445.75; Oman stocks dropped 0.1 per cent to 6,454.18; and Qatar's index added 0.3 per cent to 7,661.67. The Saudi Tadawul All-Share Index was closed for the weekend.