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Banking rally powers the market gains
DUBAI - UAE stock indices were on an upswing yesterday on account of continued surge in the share prices of leading banking sector scrips. The market benchmark National Bank of Abu Dhabi General Index closed 37 points up at 5575.11 points. The banking sector subindex gained 81 points while the service sector index was down by 14 points.
The volumes on the Dubai Financial Market was down by 20 per cent yesterday. In 698 deals the market traded 23 million shares worth Dh143 million. In the services sector, the real estate major Emaar traded over 18 million shares worth over Dh100 million. The share closed 16 fils down at Dh5.57. Shuaa Capital closed 9 fils up at Dh4.03, Tabreed and the Union Properties scrips traded modest volumes and closed at the previous closing level.
In the banking sector Emirates Bank and National Bank of Dubai scrips gained 80 fils and Dh1.50 respectively, the Dubai Islamic Bank closed 60 fils down at Dh77.60. In the insurance sector, the Dubai National Insurance and Reinsurance Company traded a small volume to close 55 fils up at Dh43. In the investment sector, the Dubai Investment Company closed 85 fils up at Dh15.85. In 67 deals the counter traded over 766,000 shares valued at over Dh12 million. The Gulf General Investment Company closed 10 fils down at Dh 24.05.
On ADSM, the big surge came from the banking sector scrips led by the National Bank of Abu Dhabi share. While the NBAD scrip gained more than 4 per cent during yesterday's session to close Dh6.30 up at Dh156.30, the Abu Dhabi Commercial Bank share closed 40 fils up Dh91.50 and the Union National Bank gained Dh1.85 to close at Dh76.85. Among the insurance scrips, the Al Dhafra traded a small volume to cose 75 fils down at Dh87.25.
In the service sector Etisalat gained 30 fils to close at Dh138.20 while the Qtel scrip closed Dh3 up at Dh174. Reflecting the overall gains, the EMNEX closed 23 points up at 3,748.11.37 points, the NBAD ESM Index closed 15 points up at 2,261.75 points.
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