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NBAD General Index crosses 18,500 mark

DUBAI — The UAE market benchmark National Bank of Abu Dhabi Index breached another key psychological barrier yesterday as it crossed the 18,524 points, the highest ever since the launch of the 38-stock index.

Profit-booking on most property countres resulted in the DFM index closing marginally down (0.88 per cent) at 193.65 points. The index had hit an all-time high of 1214.52 points during the morning hours, however retreated as the investors began to unwind some of their positions towards the closing hours.

“Most of the market pivotals have been reporting big gains during the past two weeks. Undoubtedly there is fear and that is reflected in the high intra-day price volatility,” said a market analyst.

Across the two bourses, the UAE market reported a total turnover of Dh3.73 billion down by 10 per cent from yesterday's market turnover. In 13,739 deals DFM traded more than 235 million shares worth Dh3.3 billion.

Emaar counter continued to trade large volumes. While the Emaar share slipped by 60 fils, the counter traded more than 60 million shares worth over Dh1.7 billion. Although the share touched an intra-day high of Dh28.95, it closed at Dh28.10. Amlak slipped marginally by five fils while Shuaa and Tabreed were down by 25 fils and 14 fils, respectively.

The banking sector reported lacklustre trading yesterday with a big drop in the volumes and turnover. The Dubai Islamic Bank counter which traded more than 30 million shares on Sunday traded just over 600,000 shares.

The DIB shares closed 70 fils down at Dh32.15. Emirates Bank and National Bank of Dubai gained 95 fils each as Commercial Bank of Dubai share slipped 10 fils to close at Dh181.65.

On the Abu Dhabi bourse, most of the leading banking sector shares edged up while the lone exception of Abu Dhabi Islamic Bank which slipped Dh1.30 to close at Dh129.90. The ADCB which effected a stock split gained close to 10 per cent.