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Market indices continue to climb
DUBAI - Major market indices continued to climb yesterday as shares across the board advanced even as Amlak sucked up a lot of liquidity with the IPO oversubscribing many times.
At the DFM there was trading on nine stocks with Dubai Islamic Bank being the only loser falling 10 fils to Dh48.65. Emaar advanced 40 fils to Dh26.40 on 82 trades of 394,853 shares, which were valued at over Dh10.41 million, while Commercial Bank of Dubai rose Dh3.35 to Dh99, Emirates Bank International was up 15 fils to Dh23.10 and Shuaa, Tabreed and Union Properties, all advanced five fils each to close at Dh3.12, Dh13.80 and Dh23.20 respectively.
Sources at the DFM said that the Amlak IPO has oversubscribed over 20 times. They said that apart from the Eid holidays round the corner, the IPO was also sucking some liquidity from the market resulting in lower volumes for the time being.
The total DFM volume for the day was reported at more than 996,857 shares, which were valued at over Dh18.81 million.
On the ADSM, Etisalat advanced 50 fils to Dh152 on a volume of 13,043 shares, while National Bank of Abu Dhabi rose Dh1 to Dh116 and Al Khazna Insurance closed with gains of Dh2.50 at Dh180. Among the losers, Abu Dhabi Islamic Bank fell five fils to Dh23.95, Union National Bank slipped Dh1.20 to Dh64.80 and First Gulf Bank closed down five fils at Dh8.30.
The National Bank of Abu Dhabi Emirates Stock Markets Index (NBAD ESMI), which tracks the DFM and the ADSM listed shares, rose 9.35 points to 1,891.14. The NBAD ESMI banking sector index was up 13.15 points to 2,271.8, while the NBAD ESMI service sector index rose 5.9 points to 1,382.3 and the NBAD ESMI insurance sector index finished with gains of 3.65 points at 1,672.48.
Emirates Financial Services (EFS) listed no movers on the OTC market for the day. Emnex advanced 13.54 points to 3,045.52. The financial services sub-index was up 19.65 points and closed at 3,621.37, while the telecom sub-index rose 4.44 points, insurance sub-index advanced 2.54 points and the property sub-index closed with gains of 11.65 points at 980.09. The Islamic sub-index slipped 2.62 points at 1,622.47.
The NBAD market review also listed no movers on the OTC market, while the NBAD general index advanced 21.65 points to 4,685.7. The banking sector index rose 25.59 points to 5,185.04, while the NBAD service sector index was up 21.98 points to 5,027.03 and the NBAD insurance sector index closed with gains of 8.91 points at 3,725.67.
EFS reported the cumulative market volume at more than 1.32 million shares, which were valued at over Dh32.05 million.
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