UAE stocks secure massive gains of Dhs16.4b

ABU DHABI: Upbeat sentiments triggered by improved performance across all global stock markets saw the UAE’S twin bourses’ general indices surging and gaining to the tune of Dhs16.4 billion at the close of Sunday’s session.

The growth was spurred by a buying spree that selectively targeted blue chips and generated Dhs800 million in liquidity over 537 million shares through 10,124 deals.

The bullish trend saw the Dubai Financial Market’s General Index rising 2133 pts, or 4.60 per cent over the last trading session, securing the largest daily gains in quite a long time. This was motivated by the positive performance of leading banking shares, including the Emirates NBD which continued its upward streak and closed high at Dhs9.33, followed by the Dubai Islamic Bank which ended the session high at Dhs4.03. The realty market was led by Emaar which edged up to Dhs2.77, followed by Emaar Development at Dhs2.28 and Emaar Malls at Dhs1.41. At the capital’s bourse, the general index rose 2.37 per cent to 4,405 pts and is set to further grow over the coming few days on the back of the global momentum, spearheaded by banking leaders, like FAB which closed high at Dhs12.00, ADCB at Dhs5.25 and AIB at Dhs3.78.

Separately, The Ministry of Education, MOE, has signed a memorandum of understanding, MOU, with the Abu Dhabi Agriculture and Food Safety Authority, ADAFSA, to develop the curriculum of the Agricultural Science Academy, ASA. The MOU expands cooperation between the two parties and supports the UAE’S future strategies to graduate qualified students, capable of keeping pace with the development of the agricultural sector in the UAE.

“The MOU and Cooperation with ADAFSA reflects our keenness to develop programmes and curriculum for the Academy of Agricultural Sciences, especially in the field of agricultural sustainability, covering both plants and animals. These efforts are intended to provide students with a high level of knowledge and academic foundations in the field of agriculture that enables them to join specialized agricultural programmes at higher education institutions, inside or outside the UAE,” said Engineer Abdul Rahman Mohamed Al Hammadi, Undersecretary of the MOE.