Market closes week on positive note

A Staff Reporter
Filed on February 7, 2003

DUBAI- The UAE stock market closed the week on a positive note yesterday, although shares continued to be range bound as investors remained wary of the developments in Iraq.

There was trading on seven counters at the DFM with Tabreed leading the volumes with 16 trades of half a million shares, which were valued at over Dh4.9 million. The stock price witnessed some weakness and closed with losses of 10 fils at Dh9.60.

Dubai Investments and Dubai Islamic Bank were down five fils each to close at Dh5.75 and Dh26.70 respectively, while National Bank of Dubai advanced 45 fils to Dh98.45, Emaar rose five fils to Dh22.55 on 12 trades of 25,210 shares and Dubai National Insurance finished with gains of Dh1.75 at Dh18 on 10 trades of 15,720 shares. The total DFM volume for the day was reported at 608,803 shares, which were valued at over Dh7.18 million.

ADSM remained closed for the weekend yesterday, while National Bank of Abu Dhabi Emirates Stock Markets Index (NBAD ESMI), which tracks the DFM and the Abu Dhabi bourse, was up 0.78 points to 1,399.45. The NBAD ESMI banking sector index rose 1.55 points to 1,661.39, while the NBAD ESMI service sector index advanced 0.04 points to 1,041.47 and the NBAD ESMI insurance sector index finished with gains of 5.32 points at 1,241.01. Emirates Financial Services (EFS) reported trading in just one share on the OTC market with Commercial Bank of Dubai remaining unchanged at Dh79.50 on a volume of 10,000 shares.

Emnex was up 0.95 points to 2,226.96 as the financial services sub-index rose 2.05 points to 2,547.04 and the property sub-index finished with gains of 1.41 points at 834.32. The Islamic sub-index declined 1.11 points to 1,013.33 and insurance and telecom sub-indices remained unchanged for the day.

The NBAD market review listed just one mover on the OTC market with National Bank of Sharjah rising five fils to Dh8.65. The NBAD general index advanced 1.88 points to 3,467.98. The NBAD banking sector index was up three points to 3,648.68, while the NBAD service sector index rose 0.14 points to 3,971.1 and the NBAD insurance sector index finished with gains of 7.14 points at 2,803.99. EFS reported the cumulative market volume for the day at 668,803 shares, which were valued at over Dh8.41 million.

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