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Dubai: UAE indices started the week on a positive note on Sunday with Abu Dhabi’s benchmark index closing at its highest close since August 2008.
Real estate shares in Dubai did not get a boost amid a 53 per cent increase in the total value of real estate transactions done last year as per the data by Dubai Land Department.
Despite a high level of optimism currently prevailing in the real estate market, Jones Lang LaSalle’s report on Dubai’s real estate market on Sunday said the emirate may struggle to match the price rises of 2013 during this year due to oversupply in some areas.
Real estate index grew by a mere 0.56 per cent.
Dubai’s benchmark index – DFM – rose 0.23 per cent to 3,617.53 per cent, fuelled mainly by services sector.
Bellwether Emaar fell 0.63 per cent and Arabtec fell by 1.47 per cent.
Among the gainers, Al Madina rose by 12.31 per cent to Dh0.730, followed by Union Properties by 9.42 per cent to Dh1.51 and Gulf Navigation by 4.94 per cent to Dh0.425. Deyaar shares hit highest in more than five years to touch Dh1.17.
National Industries Group suffered the worst by 9.09 per cent to Dh3.50, followed by Al Salam Sudan by 4.35 per cent to Dh2.86 and Aramex by 1.65 per cent to Dh2.98.
Of the 30 companies traded, 13 rose, 15 fell and two remained steady.
About 1.19 billion shares worth Dh1.72 billion were traded.
Union Properties was the active volume and value leader.
In Abu Dhabi, investment and financial sector shares lifted the index to surpass five-year high.
The index rose for the third straight day by 0.90 per cent to 4561.96 points.
Among the gainers, Waha rose by 14.91 per cent to Dh2.62, followed by United Arab Bank by 8.53 per cent to Dh7 and Ras Al Khaimah White Cement by 2.86 per cent to Dh1.80.
Watania suffered the worst by falling 9.47 per cent to Dh1.53, followed by Asmak by 7.66 per cent to Dh10.85 and Al Khazna Insurance by 6.67 per cent to Dh0.84.
Of the 36 companies traded, 18 rose, 14 declined and four closed unchanged.
About 704.01 million shares worth Dh1.58 billion were traded.
Esharaq was the active value and volume leader.
Source: Naushad Cherrayil, Staff Reporter, gulfnews.com