Market indices rise as banking sector gains

DUBAI - Leading UAE stock indices were on an upswing yesterday with a handful of banking and service sector scrips reporting smart gains. The National Bank of Abu Dhabi General Index moved up 38.79 points at 5,438.83 points. Both banking and service sector subindices gained in excess of 40 points, contributing to the overall buoyancy in the market.

By A Staff Reporter

Published: Tue 29 Jun 2004, 10:07 AM

Last updated: Thu 2 Apr 2015, 12:19 AM

On the Dubai Financial Market service sector scrips dominated trading with the property scrips accounting for over 70 per cent of the DFM turnover. Real Estate major Emaar closed Dh1.35 up at Dh57.25. The company's decision to go ahead with the share split and share buy back seem to have attracted more investors to the counter. In 740 deals, the counter traded over 4.2 million shares worth Dh242 million. While Union Properties scrip kept pace with the trend and gained 35 fils to close at Dh22.55, Tabreed was down by 35 fils at Dh14.05. Amlak traded a large volume close to 8 million shares worth Dh22 million to close 6 fils up at Dh2.80

The banking sector reported relatively small volume across three active counters. In 81deals, the sector reported a modest volume of 283, 000 shares. The Dubai Islamic Bank was headed south and closed 55 fils down at Dh77.65. The EBI scrip gained 80 fils to close at Dh25.50. In the investment sector, the Dubai Investment share closed marginally up by five fils at Dh14.95 while the Gulf General Investment company gained 75 fils yesterday. The Abu Dhabi Stock market reported modest gains across all sectors. In the banking sector, the Abu Dhabi Commercial Bank shares gained Dh2 to close at Dh87. The NBAD share closed at Dh146, while the Union National Bank closed 50 fils up at Dh69. In the insurance sector, the Al Khazna scrip closed 30 fils up at Dh199.30.

In the service sector Etisalat counter reported active trading with the share closing 50 fils up at Dh137.40. At the close of yesterday's session the EMNEX closed 24.37 points up at 3,663.81 points and the NBAD ESM Index closed 18.09 points up at 2201.88 points.