Property stocks in Dubai rose to new highs as trading volumes helped boost momentum on the market
Dubai property stocks rally to new highs as volumes rise
Dubai property stocks ended the week at new highs as trading volumes picked up and optimism boosted buying.
Union Properties climbed 14.9 per cent to 38 fils, the highest point since January 10, on volumes of more than 31 million shares.
Arabtec Construction gained almost 2 per cent to Dh1.54 and Deyaar Development added 9.4 per cent to 29 fils, the highest level for three months.
The Dubai Financial Market General Index ended up 1.4 per cent at 1,622.58 and the Abu Dhabi Securities Exchange General Index gained 0.7 per cent to 2,678.84 points.
In the capital, National Bank of Fujairah was the leader as it gained 10 per cent to Dh3.52. National Bank of Abu Dhabi and First Gulf Bank rose 2.26 per cent to Dh11.30 and 0.86 per cent to Dh17.65, respectively, as the heavyweight banking stocks benefited from a buying spree.
"You're seeing a lot more liquidity coming into the market where people were once on the sidelines," said Shehzad Janab, the head of asset management and advisory at Daman Investments in Dubai.
"Money which was in fixed income is now being put to work," he said.
In Qatar, the index fell 0.4 per cent to 8,780.80 after ending higher on Wednesday.
Most other Gulf markets also bucked the global trend and ended the week in positive territory.
Kuwait's main index ended up 0.3 per cent at 6,388.70; the Qatari index slipped 0.4 per cent to 8,780.80; the Muscat market closed up 0.3 per cent at 6,394.48 and Bahrain's index advanced 0.7 per cent to end at 1411.97. Egypt's EGX 30 index ended flat at 5,300.06 points. Saudi Arabia's Tadawul All-Share Index was closed yesterday.