Both UAE indexes rose in trading on Wednesday, and each had a double-digit gainer on its board.
Shuaa Capital led the Dubai Financial Market General Index, with its shares spiking nearly 15 per cent to close at Dh0.57 apiece.
Overall, the Dubai index increased 1.5 per cent to close at 3,324.59. That was its best one-day gain since March 17.
Tariq Qaqish, the managing director of asset management at Al Mal Capital, said that the reason for the jump in Shuaa shares remained unclear.
He said that trading volume had picked up over the last few days, which was noteworthy. “There is news that there might be investors interested, but we don’t know if this is a strategic investor or speculation,” Mr Qaqish said.
Abu Dhabi National Energy Company, also known as Taqa, came in as the top gainer for the Abu Dhabi Securities Exchange General Index, which increased 1.7 per cent increase to close at 4,394.66. As with the Dubai index, that marked Abu Dhabi’s sharpest single-day increase since March 17.
Taqa shares increased by 12.2 per cent to Dh0.46, ahead of its earnings which are set to be released today.
Elsewhere in the region, the markets were mixed. The Saudi index rose. Indexes in Qatar and Kuwait were flat. Egypt, Oman and Bahrain lost ground.
lgraves@thenational.ae
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