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Indices surge in weekend trading

The 38-stock market benchmark NBAD General Index gained 86 points and closed at 6295.31 points. While the service sector subindex gained 102 points, the banking sector subindex added 96 points.

Trading volumes on Abu Dhabi Stock Market was marginally up while the DFM volumes increase by 30 per cent. In 1237 trades, DFM trade more than 20 million shares worth Dh182 million.

In terms of volumes and turnover, service sector counters dominated trading yesterday. The Emaar counter trading more than 15.6 million shares grossed a turnover of Dh116.25 million. The scrip gained 3.3 per cent to close 24 fils up at Dh7.45. While Tabreed and Shuaa shares gained 30 fils and 21 fils each, the Union Property scrip gained over 14 per cent and closed at Dh35.75.

In 75 trades the UPP counter traded more than 42,000 shares worth Dh15 million. The scrip was close to the circuit braker at its closing price.

Though the banking counters traded modest volumes yesterday, all three active scrips reported major gains. The Commercial Bank of Dubai gained Dh2 and closed at Dh65.40, while the Emirates Bank and National Bank of Dubai shares gained Dh1 and Dh1.70 each.

In the insurance sector the Dubai National Insurance and Reinsurance scrip closed Dh3.30 up at Dh40.30. The investment sector shares Dubai Investment and Gulf General Investment Company gained Dh1.25 and 85 fils each.

Most banking sector shares turned around on ADSM to report substantial gains while the Union National Bank share gained Dh3.50, the Abu Dhabi Islamic Bank was up by Dh1.45. In the insurance sector, the lone active scrip, Al Watba closed 50 fils down at Dh5.50. In the service sector, telecom scrip Etisalat gained 40 fils and closed at Dh169.40.

EMNEX closed 54 points up at 4201.75 points and the NBAD ESM Index gained 37 points to close at 2558.64 points.