UAE equities have had a good start to the year

UAE equities have had a good start to the year with DFM gaining 6.50 per cent and ADX rallying by 10.86 per cent. Gains in large-cap stocks propelled sharp gains for ADX.

In terms of weightage, the three largest components are Abu Dhabi Bank (39.86 per cent), Etisalat (23.39 per cent) and Aldar Properties (7.30 per cent). They have posted stellar gains with FAB up by 14.57 per cent, Etisalat soaring 23.39 per cent and Aldar 7.30 per cent.

Among DFM large caps, Emirates NBD had risen 12.62 per cent year-to-date, and Dubai Islamic Bank 7.38 per cent.

Meanwhile, Emirates Refreshments Company has seen a tremendous 247 per cent climb. In Last October, a Canadian engineering company had purchased around 9 per cent stake in it. Moreover, the company raised its authorised capital to Dh600 million, while the issued share capital increased from Dh270 million to Dh300 million through a rights issue.

The F&B entity plans to expand its activities to real estate investments, construction and facility management, industrial and mining activities, and healthcare. Reflecting the new profile, the firm will change the name to 'Emirates Reem Investment Company'.

The other top gainers so far are Abu Dhabi National Takaful (29.49 per cent), Agthia Group (24.71 per cent), Gulf Pharmaceutical (24.06 per cent), RAK Properties (18.96 per cent), Easy Lease Motor (18.18 per cent), du (14.78 per cent) and Ras Al Khaimah Poultry (14.48 per cent).