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Indices gain as financial sector bounces back

DUBAI - Leading financial sector scrips were back in action yesterday with large number of transactions reported on a few banking counters including the Abu Dhabi Commercial Bank and the Emirates Bank.

The services sector counters including property and telecom scripts traded higher volumes. The market benchmark, the National Bank of Abu Dhabi General Index, gained 40 points and closed at 6620.

While the service sector subindex gained 60 points, the banking sub index was up by 34 points.

The Dubai Financial Market reported 15 per cent increase in volumes. The market traded more than 46 million shares worth Dh399 million from 1699 transactions. The service setor counters accounted for most transations.

While the Emaar witnessed a fall in volumes, the share price fell by fils to close at Dh8.58. While the Union Properties gained 70 fils and closed at Dh37.60, Amlak share closed 7 fils up at Dh3.17.

Banking shares were in Demand on DFM yesterday. Most shares reported modest gains yesterday with the exception of Dubai Islamic Bank which closed 85 fils down at Dh71.35.

Commercial Bank of Dubai and Emirates Bank shares gained 65 fils and 85 fils each while the National Bank of Dubai closed 70 fils up at Dh143.65. In the insurance sector, the Dubai Islamic Insurance and Reinsurance Company closed Dh1.30 down at Dh44.

While the investment sector scrip Dubai Investment closed 25 fils down at Dh23.10, the Gulf General Investment Co closed 20 fils up at Dh34.20.

On ADSM, the banking sector gains were modest.

The National Bank of Abu Dhabi closed marginally lower at Dh184.60. The Abu Dhabi Commercial Bank and the Abu Dhabi Islamic Bank shares gained Dh1.10 and 30 fils respectively.

In the insurance sector, the Al Khazna scrip was the lone mover, which gained 90 fils to close at Dh222.90.

In the services sector, the telecom major Etisalat gained Dh2.70 and closed at Dh174.10. The EMNEX closed 25.73 points up at 4399.81 and the NBAD ESM Index closed 16.50 points up at 2,705.15 points.