Stocks end on high note driven by Emaar

The UAE equity markets booked decent gains at the close of Tuesday's session driven by selective purchases targeting banking and property shares and low-price stocks below one dirham.

The Dubai Financial Market General Index grew 0.64 percent to reach 3439 points, with Abu Dhabi Securities Exchange General Index closing 0.24 percent higher than yesterday, at 4408 points.

While the general mood is positive with noticeable improvement across the board, analysts affirm that the market is still in need for a momentum to drive the shares up to new levels, expressing conviction that the coming disclosure of the Q2 financial results, expected to roll out over the coming few days, will revitalise the market.

According to official data, a total of 3971 transactions were conducted in today's session worth AED304 million over 254 million shares, with Emaar outperforming at the property sector providing a much needed growth driver, closing at AED7.78, which reflected positively on the rest of the real estate sector stocks, including the rising Emaar Malls which closed up at AED2.46, Damac at AED3.45 and Arabtec at AED3.42. The banking sector reaped decent gains as well, with Emirates NBD on top at AED8.10 followed by Dubai Islamic Bank which closed on a high note of AED5.70. At ADX, ADCB closed high at AED7.07.

The number of traded shares increased in today's session to 63, 34 of which were advancing,13 closed at the last traded prices and 16 down.