Stock markets back in green

UAE stock markets were back in the green Wednesday thanks to a streak of selective buys of blue chips at the property and banking sectors, with ADX General Index closing high 0.30 percent at 4487 points, despite the tranquil start of trading today.

DFM General Index followed suit, closing at 3624, a growth of 13 points over yesterday's session.

Confirming the prevailing positive sentiments, Emaar Properties closed on a high note of AED8.40, which reflected favourably on the rest of shares listed at the realty sector.

At DFM, Damac climbed to AED3.94, with Union Properties up 1.5 percent to AED0.889 and Dubai Islamic Bank performing well up at AED6.03 At ADX, FAB rose to AED10.55, followed by Aldar at AED2.34 and Etisalat spiralling to AED17.95.

Industry analysts attributed the selective buying spree to the beaten-out prices of a number of leaders which were mouthwatering enough for a number of investors to pump fresh liquidity to the market.

In terms of trade volumes, a total of 2940 transactions were conducted worth AED285 million over 179 million shares.

Advancing shares outnumbered declining ones, with 21 firms out of 61 traders closing high, 29 down and 11 at their last traded prices.