Stock markets closing on high note amidst upbeat sentiments

UAE stock markets are back in the green on Wednesday after profit-booking over the past two days, amidst upbeat sentiments comparatively with the past few days.

The marked improvement came after shares plummeted to mouthwatering levels, spurring a buying spree by institutions and individuals alike who mostly targeted banking and real estate equities.

Within this context, ADX General Index grew 0.59 percent, hitting 4497 points, with DFM General Index following suit by 0.27 percent, closing at 3589 points.

Emaar edged up by 8 fils, hitting AED8.34, followed by Arabtec which grew to AED3.31, a growth of 2.5 percent over its last traded price, with Union Properties rising to 83 fils.

At ADX, Taqa spiked to 60 fils, with Union National Bank closing on a high note of AED4.41 following transactions worth AED106 million.

According to market analysts and brokers, the beaten-out shares, including blue chips, were the incentive behind the growing transactions witnessed on Wednesday following the state of indifference toward the H1 profits announced recently.

In terms of volume of trades and liquidity, a total of 4593 transactions were conducted worth AED586 million over 329 shares, with 28 companies out of 64 trading today closing high, 17 down and 19 at their last traded prices.