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Property rebound boosts UAE bourses

Farah Halime The National
Traders at Abu Dhabi Securities Exchange watch the markets.

Traders at Abu Dhabi Securities Exchange watch the markets.

UAE markets closed in positive territory as a rebound in property stocks pushed shares higher, but an air of caution still hangs.

Arabtec and Emaar Properties, the builder of the world's tallest building, were some of the most actively traded stocks on the Dubai exchange and rose 0.5 per cent to Dh1.92 and 1.3 per cent to Dh3.76 respectively.

In Abu Dhabi, the property sector also enjoyed renewed positive investor sentiment and Sorouh increased 1.21 per cent to Dh1.67. Shares in Rak Properties gained 2.13 per cent to Dh0.48.

But Arkan Building Materials bucked the trend and lost 2.9 per cent to Dh2.01. It has fallen 12 per cent since the beginning of November.

The Dubai Financial Market (DFM) General Index rose 0.5 per cent to 1,711.27 points and the Abu Dhabi Securities Exchange Index slipped 0.08 per cent to 2,740.46 points.


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