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Markets recover on service sector gains

The benchmark index, the 38-stock NBAD General Index gained 41.5 points to close at at 6214.08 points. The service sector subindex gained 72 points and the banking sector subindex gained 31 points.

The Abu Dhabi bourse traded slightly more than one million shares. The Dubai Financial Market traded more than 26 million shares worth Dh186 million. The Emaar share gained 4.5 per cent and closed 31 fils up at Dh7.06. Tabreed and Union Properties reported significant gains of 8 per cent and 7 per cent to close at Dh19.15 and Dh29.95, respectively. Amlak and Shuaa too gained more than 4 per cent each.

On DFM, banking sector shares made a major come back yesterday with all three active counters reporting modest gains. The Dubai Islamic Bank and National Bank of Dubai gained 50 fils each while the Emirates Bank gained 85 fils to close at Dh33. The insurance sector remained dormant while the investment sector counters, Dubai Investment and Gulf General Investment gained Dh1.40 and 25 fils respectively.

On ADSM, the bank shares reported mixed results with the Union National Bank gaining Dh3 to close at Dh78.85. The National Bank of Abu Dhabi slipped by Dh1 while the Abu Dhabi Commercial Bank closed 35 fils down at Dh90.65. In the insurance sector, the Abu Dhabi National Insurance Company slipped by 90 fils to close at Dh167.10.

In the services sector, telecom major Etisalat was down by 90 fils and closed at Dh167.10. Qtel gained Dh3.40 and Sudatel was up by 45 fils at the close of yesterday's session.

The EMNEX closed 26.48 points up at 4151.14 points and the NBAD ESM Index closed 19 points down at 2,526.96 points.