Shares of property companies drove stock indexes higher yesterday.
On the Abu Dhabi Securities Exchange, Aldar Properties gained 4.5 per cent to Dh4.61 each on volumes of 134 million shares. The company said yesterday on the eve of Abu Dhabi’s Cityscape property conference that it would develop three new housing projects in the capital, worth a collective Dh5 billion.
On the Dubai Financial Market, Arabtec’s share price jumped by 9.4 per cent to Dh7.98 each, while Deyaar’s rose by 6 per cent to Dh1.75 a share on volumes of 329 million, and Emaar rose 3.9 per cent to Dh10.60 each.
Abu Dhabi Ship Building shares gained 9.1 per cent each to Dh3.93, a reversal of Sunday’s drop of 4.5 per cent.
Arkan Building Materials fell by 3.7 per cent to Dh2.60 on a volume of 507,070 shares, while Union Cement dropped 9.8 per cent to Dh1.46 each.
Dubai National Insurance and Reinsurance also had a low volume of 29,110 and a price drop of 10 per cent to Dh2.52 a shart, while Gulf General Investment shares dropped by 2.1 per cent to Dh2.28 each, with 108.4 million shares traded.
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