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Banking sector joins market rally

On Dubai Financial Market, volumes were marginally down. In 200 trades, DFM traded 4.5 million shares valued at Dh38.6 million. In the service sector most counters reported small losses. Emaar closed 15 fils down at Dh37.50. In 67 deals, the counter traded 1.2 million shares and grossed a turnover of Dh45 million. Amlak closed at Dh2.36 trading 2.3 million shares from 75 deals. While the Tabreed scrip was down by 15 fils, Shuaa and Union Properties closed intact at Dh3.63 and Dh22 respectively.

The banking sector traded modest volumes across three counters. In 8 deals , the sector traded over 71,000 shares. Dubai Islamic Bank gained 80 fils to close at Dh65.80. The National Bank of Dubai and Emirates Bank scrips gained 50 fils and 10 to close at Dh125 and Dh22.10 respectively. In the investment sector, the Dubai Investment traded over 25,000 shares in 10 deals and closed intact at Dh13.25. The Gulf General Investment Company slipped by 50 fils and closed at Dh23.50.

On ADSM, most of the banking scrips remained intact with the Abu Dhabi Islamic Bank closing 10 fils up at Dh29.90. In the insurance sector Al Ain Ahlia Insurance gained Dh10 to close at Dh210. In the service sector Etisalat scrip continued to gain yesterday reporting Dh2.10 gain to close at Dh128.80, while Qtel another ADSM listed regional telecom player gained Dh10.50 to Dh170.60.