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21 February 2024

UAE stock markets gain over Dh8bn

By Wam

UAE stock markets rebounded amidst regained positive sentiments after prices declined to mouth-watering levels over the past two days, with trading companies booking decent gains of over AED8 billion, supported by the realty and bank sectors, with ADX General Index posting a growth of 1.21 percent up to 4595 points, and DFM General Index following suit, hitting 3354 points, an increase of 0.83 percent over the last session.

Analysts attributed the growth to the improved financial statements recently disclosed by a number of firms.

Within this context, Emaar led the rebound, rising to AED6.47, wooing transactions of more than AE78 million in value, followed by Emaar Development which spiked to AED5.70 and Emaar Malls up to AED2.30. Damac closed on a high note as well at AED3.30, with Dubai Islamic Bank regaining momentum and rising to AED6.20.

At the capital's bourse, the banking and telecommunications sectors led the drive, with Etisalat jumping to AED17.50, FAB to AED11.35, and ADNOC Distribution to AED2.67.

A total of 5043 transactions worth AED466 million were conducted over 263 million shares, with 26 out of 69 trading firms closing high, 31 down and 12 at their last traded prices.