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Over AED 8.2 billion ($2.2 billion) transactions were struck on Thursday
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ADX-listed International Holding Company continued its upward streak to AED97.4 amid AED3.53 bn in transactions
Abu Dhabi: UAE financial markets continued to extend gains on Thursday following high sales declared by some blue chips.
Over AED 8.2 billion ($2.2 billion) transactions were struck on Thursday, pushing the Abu Dhabi main share index around 1.7 percent up to 6,716 pts, with the Dubai main index following suit, edging up 0.06 pct to 2,842 pts.
ADX-listed International Holding Company continued its upward streak to AED97.4 amid AED3.53 bn in transactions. FAB also was among the best performers, closing favorably at AED16.94 following transactions worth AED1.13 bn. Aldar Properties likewise edged up to AED3.81 after AED1 bn in deals.
Thursday’s transactions increased the market cap of listed firms by AED23 bn over the past five sessions.
According to Bloomberg, shares in IHC have jumped more than 70% since March 22 in an uninterrupted 13-day winning streak that propelled the company’s value past the $40 billion mark for the first time, higher even than the United Arab Emirates’ biggest bank.
On Wednesday, the Abu Dhabi index (.ADI) rose 0.5% with Abu Dhabi National Hotels Company (ADNH) (ADNH.AD) jumping 14.9% and Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) adding 2.1%, according to Reuters.
Gulf stock markets also rose in early trade on Wednesday tracking oil prices, with merger and acquisition deals providing an additional boost to the markets in the United Arab Emirates and Bahrain.