Abu Dhabi and Dubai bourses close out trading year higher

As the closing bell sounded on the UAE bourses for 2010, markets in Abu Dhabi and Dubai ended with a flourish.

Emaar's The Greens development in Dubai. Jeff Topping / The National

The trading year ended on a positive note in the Emirates yesterday as Dubai and Abu Dhabi bourses recorded significant gains.

The Dubai Financial Market (DFM) General Index moved 0.5 per cent higher to 1,630.52, while the Abu Dhabi Securities Exchange (ADX) General Index rose 0.6 per cent to 2,719.87.

For the year, the DFM lost 12.6 per cent and the ADX was down 1.8 per cent, both compared with last year.

On the DFM, Emaar Properties rose to the highest in a week yesterday after the company said one of its units was collaborating with Emirates Healthcare Limited to operate clinics in Dubai.

Emaar was up 2.8 per cent at Dh1.04. Other property stocks rose after Nakheel said it received funds from the Dubai Government to repay Islamic debt maturing next month. Shares in Drake & Scull International, a contractor based in Dubai, changed hands the most, moving almost 1 per cent higher to Dh1.04.

Dubai Financial Market Company gained 0.6 per cent to close at Dh1.51 a share.

"There was a lot of buying activity today," said Ameed Kanaan, the general manager at Al Jazeera Financial Services in Dubai. "A lot of portfolio managers want to pump some of the prices of their holdings as they close their accounts on the last trading day of the year."

On the ADX, the most active stock by volume was Aldar Properties, the developer of the Yas Island and Ferrari World Abu Dhabi, gaining 1.3 per cent to close at Dh2.28. Sorouh Real Estate added 0.6 per cent to close at Dh1.63.

Elsewhere in the region: Kuwait's measure dipped 0.1 per cent to 6,955.50; Bahrain's gained 0.3 per cent to close at 1,432.26; Oman's rose 0.1 per cent to 6,754.92; and Qatar's gained 0.2 per cent to close at 8,681.65. The Saudi Tadawul All-Share Index was closed for the weekend.