UAE News Today : Business

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


UAE stock markets continued to ride on improving investor sentiment on Thursday, defying the US Federal Reserve’s decision to keep interest rates steady on Wednesday while projecting a rise by the end of the year.

Blue-chip real estate, banking and energy stocks lead gains on the capital’s bourse as real estate giant Emaar took DFM to an 8-year high of 4,179.680 points, up 0.997 percent from the last negotiation session.

In Dubai, real estate blue chip Emaar led the rally, closing up 6,410 percent at AED 7,970, followed by Mashreq Bank, which rose 3,770 percent to AED 165.00.

Dubai Islamic Bank rose 1.5 percent to AED 5.8, while Dubai Financial Market performed favorably to end in the green at AED 1,660, up 2.47 percent from the last session of negotiation.

In Abu Dhabi, the FADGI index closed up 0.239 percent at 9,845.990 points, boosted by strong trading on real estate giant Aldar Properties, which ended up 7.9 percent at AED 5,870. Abu Dhabi Islamic Bank was among the best performers, closing up 2,320 percent at AED 10,600 while Dana Gas and ADNOC Drilling continued their positive performance, closing up 1.9 percent and 1.2 percent at 0.904 AED and 3,940 AED respectively.

News source: Emirates News Agency


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