UAE markets close slightly higher

UAE indices improved slightly on strong sentiment on Monday due to International Monetary Fund raising its outlook for the US economy and Fed?s plan to taper bond buying ease doubts about the future.

Dubai?s benchmark index ? DFM ? closed 0.38 per cent higher at 3237.19 points, led by banks, insurance and services shares.

Among the gainers, Takaful-EM rose 4.95 per cent to Dh0.785, followed by Gulf Finance House by 4.07 per cent to Dh0.613 and Gulf Navigation by 3.51 per cent to Dh0.413.

Bahrain-based Gulf Finance House rose as its fully-owned subsidiary GFH Capital completed the acquisition of a prime central residential property in London.

Arabtec rose 1.08 per cent as the construction company announced plans to raise the share capital of its subsidiary, Emirates Falcon Electromechanical Company by Dh500 million in bid to consolidate its position as a market leader in the sector.

Arig suffered the worst by 10 per cent to Dh1.53, followed by National Industries Group by 9.95 per cent to Dh8.51 and Depa by 4.76 per cent to Dh0.60.

Of the 31 companies traded, 20 rose, eight fell and three remained unchanged.

About 846.46 million shares worth Dh845.79 million were traded on Monday.

via UAE markets close slightly higher |