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12 December 2023

UAE stocks generate strong cash flows Thursday as DFM hits 8-month high

Published
By WAM

UAE stock markets Thursday continued to capitalise on improved investor sentiments, defying US Fed's decision to keep interest rates steady on Wednesday, while projecting an increase by year-end.

Blue-chip real estate, banking, and energy stocks lead the gainers in the Capital's bourse, as giant property Emaar drove DFM to an 8-year high of 4,179.680 pts, 0.997 percent up from the last trading session.

In Dubai, property blue-chip Emaar led the rally, closing 6.410 percent up at AED7.970, followed by Mashreq Bank, which grew 3.770 percent up to AED165.00.

Dubai Islamic Bank edged 1.5 percent up to AED5.8 as Dubai Financial Market fared favourably to end in the green at AED1.660, 2.47 percent up from the last trading session.

In Abu Dhabi, Index FADGI closed 0.239 percent higher at 9,845.990 points, buoyed by robust trading over real estate giant Aldar Properties which ended 7.9 percent up at AED5.870. Abu Dhabi Islamic Bank was among the best performers and closed 2.320 percent up at AED10.600 as Dana Gas and ADNOC Drilling continued their positive performance, closing 1.9 percent and 1.2 percent up at AED0.904 and AED3.940 respectively.