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UAE Stocks Gain AED4.4 Billion


 UAE stock markets closed on a high note Wednesday, defying a winning streak on profit booking by a number of investors, with the market value of trading companies posting decent gains of AED4.4 billion by the of today's sessions.

The realty, banking and investment sectors were the main driver for the positive sentiments, with investment firms and banks getting the lion's share of profits, enabling ADX to close high 1.11 percent at 4310 points and DFM up 0.02 percent to 3394 points.

Market analysts forecast continued growth over the coming period, citing the recent IPO of ADNOC Distribution to pump fresh liquidity by next week.

Within this context Drake and Skull increased 9.6 percent to AED2.05 amidst impressive transactions of AED248 million, with Arabtec following suit, closing at AED2.38 and Damac up by 2.7 percent to AED3.40. At DFM, Dubai Investments rose to AED2.38.

At ADX, Etisalat continued its rising streak, closing at AED16.50, with NBD closing at AED10.30 followed by Aldar at AED2.19.

In terms of liquidity, a total of 4322 transactions were conducted worth AED600 million over 295 million shares.

Out of 73 companies, 24 firms closed high, 29 down and 20 at their last traded prices.

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