UAE bourses on Sunday opened the week on positive note as investors returned to Dubai Financial Market and Abu Dhabi Securities Exchange Market and made heavy buying in real estate sector. Both the stock exchanges ended higher on rising oil prices and growing confidence that Europe will contain its debt crisis.

The Dubai Financial Market’s General Index, or DFMGI, rose the most in 10 weeks. The benchmark index rose 46.88 points, or 3.12 per cent to 1,547.13 points — the most since April 11. Out of 30 stocks traded yesterday, 22 posted gains while two remain unchanged and six declined as investors exchanged 178.87 million shares worth Dh351.45 million shares on the exchange.

Emaar Properties PJSC, the biggest stock in the gauge, led the recovery in real estate index and surged 8.55 per cent to Dh3.30 after selling its Hamptons International unit to Countrywide Plc. Arabtec soared 6.01 per cent to Dh1.94 while Deyaar and Union Properties advanced 2.95 per cent and 1.62 per cent, respectively.

“We’re firmer in the region as the international backdrop is decent,” said Ali Khan, Head of Cash-equity Trading at Arqaam Capital Limited. “Oil is moving toward the top of its trading range.”

Crude oil rose to $77.18 a barrel on the New York Mercantile Exchange on Friday for a weekly gain of 4.6 per cent. The six nations of the Gulf Cooperation Council supply about a fifth of the world’s oil.

DFM Company, the bourse operator, surged 6.04 per cent to Dh1.58 while Air Arabia and du gained 1.67 per cent and 1.90 per cent, respectively.

In banking sector, Shuaa Capital soared 7.83 per cent to Dh1.24 while Gulf Finance House and Dubai Islamic Bank and rose three per cent and 0.99 per cent, respectively.

ADX back into black

The Abu Dhabi Securities Exchange Market’s General Index turned positive on recovery in real estate sector. The benchmark index rose 20.61 points, or 0.82 per cent, to 2,536.00 points as investors exchanged 53.15 million shares worth Dh81.22 million shares on the exchange. [Read More]