Indices surge on service sector gains

DUBAI - The UAE market indices moved north yesterday mainly due to the gains reported by the service sector scrips on both Dubai Financial Market (DFM) and the Abu Dhabi Stock Market (ADSM). While the service sector sub index closed 18.4 points, the banking sector index and the insurance indices were up 14 and 18 points respectively. The market benchmark National Bank of Abu Dhabi Index closed 15.74 points up at 4820.46 points.

By A Staff Reporter

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Published: Mon 5 Apr 2004, 12:08 PM

Last updated: Thu 2 Apr 2015, 11:34 AM

On DFM, the volumes surged by 64 per cent. In 601 trades to 26.8 million shares changed hands yesterday. However, the market turnover remained more or less at the same level compared to the previous day's turnover. Amlak, Shuaa and Emaar counters traded fairly large volumes together contributing to more than 90 per cent to the total volumes yesterday. In 367 deals Amlak counter traded more than 18.9 million shares valued at Dh45.7 million. The scrip closed close to 5 per cent (12 fils) down at Dh2.37. On Emaar counter the volumes were down by about 20 per cent. In 105 deals, the counter trade over 800,000 shares worth Dh23.3 million. The scrip gained 30 fils to close at Dh18.70. Tabreed closed marginally up by five fils at Dh13.90.

The banking sector reported modest volumes yesterday. In 27 trades across three counters, the sector traded close to 150,000 shares. While Dubai Islamic Bank closed 35 fils up at Dh56.95, the National Bank of Dubai share closed Dh1.35 up at Dh124.80.

On ADSM, all leading sectors reported modest gains yesterday. In the banking sector, the Union National Bank scrip closed Dh1up at Dh64.40, while the two leading banking sector scrips, National Bank of Abu Dhabi and Abu Dhabi Commercial Bank scrips closed intact. In the insurance sector, Abu Dhabi National Insurance gained Dh1 while the Al Dhafra and Al Khazna reported Dh4 and Dh2, gains respectively. However, all these counters traded relatively small volumes.

In the service sector the leading telecom scrips Etisalat and Qtel reported gains yesterday. While the Etisalat scrip gained 40 fils to close at Dh158.40, Qtel was up by Dh2 at Dh159 at the close of yesterday's session.

Reflecting the overall positive sentiments in the market The NBAD General Index closed 15 points up at 4804.72 points. While the NBAD Emirates Stock Market Index closed 6.5 points up at 1933.48 points, the EMNEX closed 11 points up at 3282.85 points.

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