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Banking, service sectors register major gains

The market benchmark NBAD General Index was up by104.37 points at 9354.71points. While the banking sector subindex gained 137.10 points, the service sector subindex gained 103.40 points and the insurance sector slipped by 103 points.

The UAE market traded over 68.48 million shares worth more than Dh1 billion. The Dubai Financial Market accounted for more than 70 per cent of the total volumes. In 3032 deals, the DFM traded 61 million shares worth Dh876 million.

Buoyed by the excellent financial results and the company's decision to open up the market for expatriates, the Union Property share gained by 9.45 per cent to close at Dh100.75 million. The Emaar counter traded 10 million shares and closed 5 fils down at Dh13.15. While the Tabreed scrip gained Dh2.20, Arabtech and Shuaa shares closed marginally up by 7 fils and 26 fils respectively.

Across three counters, the banking sector traded 415,000 shares on DFM. While the Dubai Islamic Bank closed marginally up by 10 fils, the Emirates Bank and the National Bank of Dubai shares gained Dh1.50 and Dh2.25, respectively.

On ADSM, the bank shares continued to post big gains for the third consecutive day, yesterday. The National Bank of Abu Dhabi gained Dh4.90. While the Abu Dhabi Commercial Bank gained Dh1.50, the Union National Bank share gained Dh3.00 to close at Dh147.70.

In the insurance sector, the Abu Dhabi National Insurance reported a big drop of Dh6.20 to close at Dh165. In the service sector, telecom major Etisalat gained 20 fils and the Qtel scrip gained 50 fils to close at Dh256.80.

The EMNEX closed 70 points up at 6130.84 points and the NBAD ESM Index gained 44.94 points to close at 3872 points.