Stocks high spurred by selective purchases

The UAE stock markets started the maiden session of the week on a high note following a selective buying spree targeting a series of blue chips which secured some gains over the past few days.

Within this context, the DFM General Index went up 0.39 percent to 3615 points, which is an acceptable level according to business analysts.

ADX General Index closed at its last traded level of 4492 points, with some companies however closing on a spike, including Eshraq Properties which climbed to 86 fils and Dana Gas which closed at 62 fils.

At DFM, advancing shares included Damac which spiraled to AED3.85 followed by Arabtec at AED3.33, Union Properties to AED0.867, and Dubai Islamic Bank, whose positive performance helped propel the market higher levels, at AED6.02.

According to market analysts, the volume of trading shares is good but liquidity still remains weak, which reflects the wait-and-see mood among investors, with positive sentiments among institutions being now the main catalysts for market growth.

In terms of trading volumes, a total of 3901 transactions were conducted worth AED356 million over 296 million shares, with 29 companies closing high, out of 60 trading firms, 14 down and 17 at their last traded prices.