UAE shares gain AED6 billion amidst high sentiments

ABU DHABI, 4th April, 2017 (WAM) -- UAE stock markets rose on Monday, led by a higher real estate sector, amidst high sentiments among companies and individuals alike. According to a report by Emirates News Agency, WAM, the Abu Dhabi Securities Exchange, ADX, rose for the second straight session supported by a hike in a number of real estate shares and Etisalat's share which rose to AED17.95, thus edging toward the AED18 cap. Gains of the traded shares market value hit around AED6 billion, according to official statistics released at the close of Monday's trading. The Dubai Financial Market General Index rose by 1.4 percent to 3,539 points, with ADX General Index up by 0.38 percent to 4,466 points. According to market speculators, a share rally has been expected after the decline witnessed over the past days which, ultimately created a buying spree, with continued price improvement anticipated with the approaching disclosure of corporate financial statements on the performance of the first quarter of the year. EMAAR's share, termed the Golden Share, rose to AED7.35, with the majority of real estate stocks following suit, including Etihad Real Estate's share which recovered its nominal value closing at AED 1.02. EMAAR Malls' share increased to AED2.59, with Arabtec's up to AED0.937. In Abu Dhabi, ALDAR's share hiked to AED 2.29. Thanks to a growing state of optimism, a total of 5,406 trading transactions were conducted in the two major markets worth AED600 million over 473 million shares. The winning stocks continued to outnumber the losing ones, with 36 companies' shares closing on a rise out of 59 companies whose shares were traded on 3rd April. Shares of 14 companies closed down, and nine companies closed at their last traded rates.