By: Enas Bahgat
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index rose 41.24 points, or 0.91%, to close at 4,566.66 points on Wednesday, pushed up by the historic deal closed between Aldar Properties and Emaar Properties.
Aldar Properties and Emaar Properties have created an AED 30 billion ($8.1 billion) joint venture (JV) to develop megaprojects in the UAE and aboard.
The ADX’s trading volume shrank to 63.09 million shares from 63.26 million on Tuesday, while the market’s liquidity grew to AED 154.02 million versus AED 152.55 million in the previous session.
The real estate sector surged 1.96% after Aldar Properties soared 2.78%.
The partnership between Emaar and Aldar, which are listed on the twin UAE stock markets, will boost the stocks’ prices after reached very attractive levels, Al Safwa Mubasher’s CEO Ehab Rashad said.
The banks sector added 1.4%, as First Abu Dhabi Bank (FAB) jumped 2.26% and Union National Bank (UNB) gained 0.54%, while the energy sector went up 1.31% after TAQA skyrocketed 5.88%.
Aldar Properties topped the ADX in terms of both trading volume and value, with 43.71 million traded shares and a turnover of AED 78.39 million generated through 584 transactions.
Translated by: Muhammad Khalid
