Dubai stocks end higher in choppy trading

The DFM General Index gained 0.86% to reach 2,358.8 points on Sunday, following a rollercoaster trading session. As new property deals were announced in Dubai in recent days, real estate and construction shares fuelled the rebound. Arabtec as the most liquid shares added 0.93% to hit Dhs2.18. Union Propertied jumped 3.56% higher to close at Dhs0.611. Market bellwether Emaar Properties edged up 1.33%, finishing at Dhs5.34. O Saturday, Dubai-based Damac Properties (not listed) said it has awarded a contract worth Dhs1 billion ($227m) to Turkey’s TAV Tepe Akfen Investment construction and operations (Dubai branch) to build the mixed-used “DAMAC Towers by Paramount”. The towers, located in the Business Bay area adjacent to the 828 meters tall Burj Khalifa, the world’s tallest building, will harbour a luxury hotel and residence apartments. Bank Emirates NBD fell 0.21% to Dhs4.85, while Commercial Bank of Dubai dived 6.58% to Dhs3.69. Due to the ongoing uncertainty in the Syria crisis, more investors remained on the sidelines. Some 481m shares were traded, valued at Dhs564m.

via Dubai stocks end higher in choppy trading | Finance and Economy | AMEinfo.com.

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