Dubai-Mubasher: The Dubai Financial Market’s (DFM) benchmark index ended Thursday’s session in the green and recorded its biggest gains since January, backed by real estate stocks, mainly Emaar.

The market was also buoyed by the banking and investment sectors.

The index rose 1.91% or 65.24 points to close at 3,473.42 points, again nearing the 3,500 mark.

Trading activity in UAE markets remains thin as institutional traders failed to trigger strong momentum needed to push the market higher, said market analysts.

Property developer Emaar climbed 4.64% to end at AED 6.540, pushing the real estate sector 3% higher to top the list of advancing sectors. The stock surge came after the company rebutted media reports claiming the resignation of Emaar’s head, Mohamed Al-Abbar.

Meanwhile, home builder Arabtec lost 0.76%.

The investment sector came second with a rise by 2.34%, backed by market operator DFMC and investment group DI, which added 5.88% and 1.33%, respectively.

The banking sector also rallied 1.67%, buoyed by DIB (+2%), CBD (+6.2%) and Emirates NBD (+0.79%).

The telecom sector gained 0.4% after du rallied by the same percentage to AED 5.050.

Meanwhile, the consumer staples and transport sectors shut in the red, losing 0.6% and 0.59%, respectively, weighed by Air Arabia and Dubai Parks.

Thursday’s turnover rose to nearly AED 622 million, compared with AED 505.8 million on Wednesday. Trade volume also increased to 399 million shares from 343 million shares.

Translated by Sayed Abdel Rahman