(MENAFN - Khaleej Times) The emirate's index so far surged 87 per cent this year, making it one of the best-performing markets in the world.
Dubai's index has so far surged 87 per cent in 2013. - KT photo
UAE stock markets sustained an upward trend on Sunday and hit a fresh five-year high on buying in real estate and banking shares.
The Dubai Financial Market, or DFM, which started trading 15 minutes late due to a technical fault, further built up the momentum in the wake of Dubai securing the right to host World Expo 2020 and noted fresh interests in its property and construction firms.
The DFM's benchmark stock index rose to the highest in more than five years and closed at 3,055.95 points, up 1.41 per cent, the highest since November 2008. Trading volumes rose to 586.72 million shares with 22 companies out of 31 traded in positive columns.
The emirate's index so far surged 87 per cent this year, making it one of the best-performing markets in the world.
Abu Dhabi's small-caps lifted the market to a five-year high as local investors hunted for laggards. The main index rose 1.27 per cent to close the day at 3,989.62 points, its highest close since September 2008.
"The market climbed on strong rise in real estate stocks, and some banking shares. The investor sentiments remained positive in the wake of Dubai Expo 2020 and the strong underlying UAE economy," Saleem Khokhar, head of equities at National Bank of Abu Dhabi's Asset Management Group, told Khaleej Times
Emaar Properties climbed 3.07 per cent and remained most active traded scrip with 142.98 million shares. Arbtec, which awarded a contract worth nearly 1 billion to build a hospital in Al Ain, advanced 1.52 per cent with 117.08 million shared changed hands yesterday.
In the banking sector, Dubai Islamic Bank rose 2.53 per cent and Emirated NBD fell 0.72 per cent.
Air Arabia and DFM Company rose 1.41 per cent and 1.31 per cent, respectively and supported the benchmark index.
"Market trend is positive, however, we are approaching year-end and holiday season, this might have on impact on liquidity and volatility," Khokhar said, adding that real estate and banks are likely to continue to attract investor attention in coming days.
In the capital, Abu Dhabi Ship Building and Union Cement recorded a 14.8 per cent increase each while National Takaful Company soared 14.4 per cent in heavy trading as volumes increased to 537.33 million shares from 491.88 million traded on Thursday.
National Bank of Abu Dhabi and First Gulf Bank closed at Dh12.8 and Dh18.2, respectively. Etisalat shares slightly fell and closed at Dh11.55.
In regional markets, Egypt's main index rose 2.4 per cent to 6,484 points and Saudi's Tasi advanced 0.9 per cent to 8,321 points. Qatar's benchmark gained 0.5 per cent to 10,437 points, Kuwait's main index was up 0.1 per cent to 7,773 points while Bahrain's measure rose 0.2 per cent to 1,200 points. Oman's market ticked up 0.02 per cent to 6,770 points.u