Construction and property firms lead DFM

Arabtec was the main gainer in trading, rising 3.58 per cent to close at Dh4.05 a share. Silvia Razgova / The National

The Dubai Financial Market rose by 1.43 per cent to 4,591.91, buoyed by strong performing property and construction stocks.

The construction giant Arabtec was the main gainer in trading, rising 3.58 per cent to close at Dh4.05 a share, followed closely by Emaar Properties, which ended up 2.34 per cent at Dh10.95 a share.

Emaar’s shares ended in positive territory despite the announcement on Monday evening of the departure of its international chief executive Fred Durie, to take up the position of chief executive of the private Dubai-based developer Nshama.

Other property stocks were on a similar rising trend, with Union Properties and Deyaar Development rising by 1.85 per cent and 0.97 per cent respectively.

Among the other main risers of the day was the logistics firm Aramex, which had announced a joint venture in Thailand with the local provider Leo Global Logistics on Monday evening. The company’s shares ended the day up 0.65 per cent at Dh3.08 apiece.

In the capital, the Abu Dhabi Securities Exchange closed up 0.66 per cent at 4,941.48.

The local developers Aldar Properties and Eshraq Properties gained during the day, albeit with lower advances than their Dubai counterparts. Shares in Aldar rose by 1.25 per cent to Dh3.25 each, while Eshraq shares ended up 0.88 per cent at Dh1.14 each.

Shares in RAK Properties were among the bourse’s best performers of the day, rising 3.57 per cent to end the day 87 fils apiece. ADCB and ADIB were close behind, gaining 3.24 per cent and 3.19 per cent by the close.

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