UAE shares gain AED6bn

ABU DHABI / WAM

UAE stock markets rose on Monday, led by a higher real estate sector, amidst high sentiments among companies and individuals alike.
The Abu Dhabi Securities Exchange (ADX) rose for the second straight session supported by a hike in a number of real estate shares and Etisalat’s share which rose to AED17.95, thus edging towards the AED18 cap. Gains of the traded shares market value hit around AED6 billion, according to official statistics released at the close of Monday’s trading.
The Dubai Financial Market General Index rose by 1.4 percent to 3,539 points, with ADX General Index up by 0.38 percent to 4,466 points.
According to market speculators, a share rally has been expected after the decline witnessed over the past days which, ultimately created a buying spree, with continued price improvement anticipated with the approaching disclosure of corporate financial statements on the performance of the first quarter of the year.
EMAAR’s share, termed the Golden Share, rose to AED7.35, with the majority of real estate stocks following suit, including Etihad Real Estate’s share which recovered its nominal value closing at AED 1.02. EMAAR Malls’ share increased to AED2.59, with Arabtec’s up to AED0.937. In Abu Dhabi, ALDAR’s share hiked to AED 2.29.
Thanks to a growing state of optimism, a total of 5,406 trading transactions were conducted in the two major markets worth AED600 million over 473 million shares.
The winning stocks continued to outnumber the losing ones, with 36 companies’ shares closing on a rise out of 59 companies whose shares were traded on 3rd April. Shares of 14 companies closed down, and nine companies closed at their last traded rates.

Rise in First Abu Dhabi
Bank free stocks
Up to 7.4 billion free stocks at the First Abu Dhabi Bank, the new banking entity created after the merger of the National Bank of Abu Dhabi, NBAD, and the First Gulf Bank, FGB, started trading at Abu Dhabi Securities Exchange, ADX, yesterday, 2nd April, accounting for 64.61 percent of new bank’s total 10.9 billion shares.
According to ADX statistics, foreign stake ownership at the new bank reached 11.2 percent of the total shares, accounting for 1.218 billion stocks. The market share value amounts to AED12.7 billion, according to the last traded price on 3rd April.
As per the new bank’s regulations, a maximum of 25 percent is allowed for foreign stake ownership, which is expected to increase over the coming days after a number of foreign institutions have decided to increase their investments in the new entity, reckoned the largest in the region.
FTSE International, traded at ADX, has announced that it will invest AED410 million in the new bank, according to statements made by Rashid Al Baloushi, CEO of ADX.