DUBAI — Paced by property developer Deyaar Development, shares in Dubai recovered yesterday to jump 149.46 points or 2.7 per cent at 5,775.67. The Abu Dhabi bourse added 0.1 per cent at 4,512.60 points.
A wholly owned subsidiary of Dubai Islamic Bank, Deyaar ended up 3.5 per cent from Dh2.84 to Dh2.98. Its shares volume reached 285.13 million and valued at Dh832.14 million. With 19,910 shares changing hands, the Dubai Financial Market (DFM) General Index registered over one billion in volume of shares valued at Dh4.25 billion.
The materials sector grew five per cent at 340.48 points followed by the real estate sector with a rise of 3.7 per cent at 12,962.18 while the telecommunications sector was the sole loser with a drop of 0.5 per cent at 987.06. Amlak Finance, the Middle East's largest publicly traded Islamic finance company, topped DFM with an advance of 8.4 per cent from Dh4.56 to Dh4.92 followed by real estate developer Union Properties, which gained 6.8 per cent from Dh4.70 to Dh5.02.