Dubai shares opened the week on a higher note with several shares making their 52-week highs in intra-day trade today.
Property developers Emaar Properties as well as Union Properties, investment bank Shuaa Capital, diversified conglomerate Dubai Investments and construction major Arabtec all made their 52-week highs in at around 11.30am.
Emaar Properties touched the magic figure of Dh10 per share while Arabtec shares traded hands at Dh6 per share as investor confidence soars in local equities ahead of the UAE stock markets’ switch to being catagorised as Emerging Markets from May onwards.
The Dubai Financial Market General Index had risen more than 1.2 per cent this morning, led by Shuaa, Drake and Skull International, Tabreed and Deyaar.
Shuaa was the biggest gainer, jumping 14.7 per cent, followed by DSI (3.5 per cent), NIND (3 per cent), Tabreed (2.35 per cent) and Deyaar (2.3 per cent). Union Properties touched its 52-week high of Dh2.2 per share, up 2.2 per cent from its previous close.
More than 252.1 million shares changed hands in 3,423 trades worth Dh603.3 million. Around 17 stocks had advanced while 5 were in red at 11.30am on Sunday, March 30, 2014.