Indices find support from banking stocks

DUBAI — The UAE stock indices seen rising yesterday with most banking sector shares reporting good gains during yesterday's session. Leading banking scrips including National Bank of Abu Dhabi and Emirates Bank shares were big demand yesterday.

By A Staff Reporter

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Published: Mon 21 Feb 2005, 9:34 AM

Last updated: Thu 2 Apr 2015, 4:27 PM

The market benchmark NBAD General Index closed 44 points up at 9071.94 points. While the banking sector subindex gained 71 points, the service sector and insurance subindices gained 12 points and 21.6 points, respectively.

The overall volumes were down by 40 per cent from yesterday. Across the two bourses, the market traded 49.4 million shares worth Dh619 million yesterday.

In 2093 trades the Dubai Financial Market traded more than 48 million shares worth Dh467 million. The Emaar counter traded over 12 million shares and it closed at Dh13.25. While the Union Properties scrip fell sharply by Dh2.45, the Tabreed scrip closed 10 fils down at Dh34.90. Amlak and Arabtech also closed lower.

In the banking sector, Emirates Bank scrip gained Dh1.25 and closed at Dh54.90. In 43 trades counter transacted 250,000 shares. National Bank of Dubai closed 60 fils up at Dh149.45. The insurance scrip, Dubai Insurance and Reinsurance fell by 35 fils while the Dubai Investment share closed 27 fils up at Dh7.80.

On ADSM bank shares reported mixed investor response yesterday. While the National Bank of Abu Dhabi scrip gained Dh3 to close at Dh218, the Abu Dhabi Commercial Bank and Union National Bank were marginally down by 10 fils each.

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