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Emaar, banks lift UAE indices

DUBAI Leading UAE stock indices closed higher yesterday as Emaar and a few bank shares such as National Bank of Abu Dhabi and Abu Dhabi Commerical Bank edged up.

The Dubai Financial Market index closed 1.24 per cent up at 407. While Abu Dhabi Index closed 10 points up at 3,448, the national benchmark NBAD General Index closed 0.5 per cent up at 11,071.

The trading volumes and turnover were up on both bourses as key shares posted modest gains. Across the two bourses, the UAE market traded more than 91 million shares worth Dh549.5 million. In 4,691 transactions, DFM traded 74.6 million shares worth Dh475.8 million. Commenting on the modest gains reported on the markets, analysts said it is too early to term it as the beginning of a rally.

Emaar counter accounted for nearly 50 per cent of the market turnover. The share closed 15 fils up at Dh11.15 after hitting an intra-day high of Dh11.30.

Amlak and du were up 1 per cent each as Amlak closed 7 fils up at Dh6.03. National Real Estate Company and Public Warehousing reported big gain of 14.8 per cent and 11.63 per cent, respectively trading small volumes of about 5,000 shares each. In the banking sector trading was reported only on Dubai Islamic Bank counter. The share closed 7 fils up at Dh9.6.

On ADSM, the banking sector shares continued to report small gains. National Bank of Abu Dhabi gained 2.25 per cent to Dh24.95, as Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank reported small gains. In the property sector RakProperties closed unchanged at Dh1.75 as telecom major Etisalat closed 10 fils up at Dh17.60.