UAE shares posted strong gains yesterday, boosted by rising global stock markets and reaction to local purchasing managers’ (PMI) index data for September.
Equities worldwide rose strongly yesterday, after weak US employment data released on Friday strengthened sentiment that the US Federal Reserve may not raise interest rates this year.
Dubai's headline share index rose by 1.8 per cent to 3,658.86, while the Abu Dhabi Securities Exchange General Index ended the day up 1 per cent at 4,564.54.
“The PMI numbers are down slightly on last month, but they still indicate solid business sentiment,” said Tariq Qaqish, the head of asset management at Al Mal Capital in Dubai.
Shares in Emaar Properties were among the main gainers in Dubai. The real estate giant's shares closed up 3.7 per cent at Dh6.71, the highest level since the end of August.
Fellow blue chips Arabtec Holding and DIB were not far behind, ending the day up 2.1 and 1.1 per cent respectively.
Abu Dhabi's headline index was boosted by gains from FGB and Etisalat, which ended the day up 0.3 per cent and 2 per cent respectively.
Aldar Properties and ADCB also posted gains, of 2.9 and 2.6 per cent.
jeverington@thenational.ae
Follow The National's Business section on Twitter
