Property shares lead UAE stock market gains

Property companies were the main gainers yesterday in both Dubai and Abu Dhabi, which both ended the day marginally higher.

The Dubai Financial Market General Index ended 0.8 per cent higher at 3,870.15 points.

Shares in Damac Properties closed up 2 per cent at Dh2.96, after the developer announced plans to build what it describes as the Middle East’s first tropical rainforest, as part of its Akoya Oxygen development in Dubai.

Union Properties rose by 0.9 per cent on news that it had agreed to sell its Auto Mall development in MotorCity for Dh525 million to Texture Global Investments. The company’s shares ended the day at Dh1.09. Deyaar Development and Emaar Properties also gained, although Arabtec ended the day fractionally lower.

Real estate stocks were also the main gainers in the capital, where the Abu Dhabi Securities Exchange General Index rose 0.2 per cent, its first rise in five days.

Aldar Properties closed up 2.3 per cent at Dh2.67, while Eshraq Properties gained 1.2 per cent at 81 fils. RAK Properties rose 2.7 per cent to 77 fils.

The Sharjah-based Dana Gas was the main lagger on the index, closing down 2.17 per cent at 45 fils.

Shares in Waha Capital closed down 0.6 per cent at Dh2.98 after the company announced it was considering investing up to Dh4 billion in the next three to five years across the energy, health care and education sectors.

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