(MENAFN - Khaleej Times) Dubai shares on Tuesday rose in unusual heavy year-end trading and closed the year on positive note.
The world's best-performing gauge in 2013 rose to the highest level since October 2008. The main index climbed 1.14 per cent to 3,369.81 points, the sixth consecutive gain in last seven sessions. The market hit a fresh five-year high after taking this year's advance to 108 per cent in 2013, the most among 93 global equity gauges tracked by Bloomberg. It was the biggest annual gains by DFM in eight years.
"The Dubai Financial Market's main index soared more than 100 per cent, which is the third best year after 2004 and 2005," Reda Gomma, port folio manager - Asset Management at Mashreq, told Khaleej Times.
The trading volumes on Dubai Financial Market rose to 1.24 billion shares from 1.03 billion with 18 companies traded in positive columns. Only nine companies closed in negative area while four remain unchanged.
Property, construction, banking and insurance shares gave support to the benchmark index. Gulf Finance House, which shared about 27 per cent of the total trading shares yesterday, rose 0.30 per cent to Dh0.66 and its 336.39 million shares exchanged hands.
Union Properties remained the second major firm in terms of volume trading on the exchange as its 122.07 million shares were traded on the exchange.
Property giant Emaar rose 1.19 per cent and its 18.75 million shares traded on Tuesday. Its shares surged about 104 per cent this year.
The shares of Dubai Financial Market, the bourse operator, soared 6.01 per cent and closed at Dh2.47. In banking sector, Emirates NBD climbed 1.28 per cent while Dubai Islamic Bank and Shuaa Capital rose 0.56 per cent and 3.83 per cent, respectively.
Shares in contractor Drake and Scull hit a record high, rising 2.1 per cent to Dh1.44 in intra-day trading. The firm on Sunday said it won a 16 million maintenance contract for a project in Mumbai, according to a bourse statement.
Arabtec, which clarified on Monday that it has no plan to raise stake in interior contracting firm Depa, fell 0.69 per cent. The Dubai-based contractor acquired a 24 per cent stake in Depa in November 2012 for 65.8 million.
In Abu Dhabi, the main index advanced 0.3 per cent and closed the day at 4,290.30 points. National Bank of Abu Dhabi closed at Dh13.90 while First Gulf Bank advanced to Dh18.80. In telecom sector, etisalat declined to Dh11.70.
Aldar Properties dropped to Dh2.76 and RAK Properties ended at Dh0.98.