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Real estate, investment and financial services shares drove UAE markets higher on Tuesday after Emaar Properties announced plans to list their new IPO (initial public offering) in London and Dubai.
Emaar, the most active stock in terms of value traded, jumped 5.41 per cent to end at Dh9.75. The company has appointed Morgan Stanley as adviser for the shopping malls and retail unit IPO.
The DFM General Index climbed 2.66 per cent to 4,234.39. Of the 33 stocks traded, 20 gained, nine declined and four remained unchanged. Total volume traded stood at 809.24 million shares, which were valued at Dh2.10 billion.
Other real estate stocks that gained include Arabtec, which was up 2.52 per cent to Dh5.28; Union Properties, which advanced 2.99 per cent to Dh2.07, and Deyaar Development, which rose 4.13 per cent to Dh1.26. Deyaar said that all residential units at the recently announced Atria were sold. Arabtec fourth quarter earnings came after the markets closed.
Shuaa Capital was among the top gainers, surging 6.80 per cent to Dh1.10. Dubai Financial Market, the region's only bourse to be listed, closed 4.07 per cent higher at Dh3.07.
Abu Dhabi's ADX Securities Index increased 0.53 per cent to 4,848.29. Investment and financial services index was the biggest gainer, up 1.89 per cent, followed by the real estate index, which rose 1.79 per cent. Energy index came in third, advancing 1.25 per cent. Of the 35 stocks traded, 21 rose, 10 closed lower and four were flat.
Aldar Properties, Rak Properties, Waha Capital and Commercial Bank International (CBI) gained 1.90 per cent, 0.87 per cent, 1.89 per cent and 10.05 per cent respectively. CBI was the biggest gainer on the day.
Source: Gaurav Ghose, Financial Features Editor, gulfnews.com