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Indices post marginal gains on property, telecom stocks

The market benchmark National Bank of Abu Dhabi Index gained 26 points to close at 6370.49 points. The service sector subindex gained 74 points while the insurance and banking sector subindices fell 13 points and 2 points, respectively.

The total UAE market volume was up by more than 50 per cent at 13.6 million shares.

The trading volumes on Dubai Financial Market accounted for 11.3 million while the market reported a turnover of more than Dh92 million from 586 transactions.

Leading real estate scrip Emaar bounced back with a 16 fils gain to close at Dh7.95.

The counter traded 9 million shares worth Dh71 million. Tabreed fell by 50 fils while the Union Properties share closed 35 fils down at Dh33.5. The Amlak scrip closed intact at 2.92 trading more than 1.3 million shares.

The banking sector traded a modest volume of 144,000 shares across three counters. While the Emirates Bank and MashreqBank fell by 15 fils and 10 fils, respectively, the Dubai Islamic Bank share gained Dh1 to close at Dh68.35. Dubai Islamic Insurance and Reinsurance company, the lone mover in the insurance sector closed 85 fils down at Dh40.65. In the investment sector, Dubai Investment Company gained 15 fils and closed at Dh20.75.

Leading banking scrips posted modest gains on the Abu Dhabi Stock Market. National Bank of Abu Dhabi share gained 60 fils and closed at Dh172. While the Union National Bank closed 60 fils up at Dh71, the Abu Dhabi Islamic Bank was down by 20 fils at the close of yesterday's session. In the insurance sector Al Khazna reported a fairly big loss of Dh5.10 to close at Dh212.90.

In the service sector, telecom major Etisalat turned around to close Dh1.60 up at Dh169.70, while the Abu Dhabi National Hotels gained Dh1.50. The EMNEX closed 16 points up at 4249.19 points and the NBAD ESM Index closed 10 points up at 2,593.45 points.