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Stocks show marginal gains in thin trade
DUBAI - The UAE stock indices continued to edge up on a lacklustre trading day. The benchmark NBAD General Index gained 4.81 points or 0.08 per cent to close at 5,867.98. The services sector which signalled the recovery on the previous day gained 10.35 points or 0.16 per cent to finish at 6,446.71, the insurance sectors showed a strong rebound with 45.66 points or 0.97 per cent surge. The banking sector continued to slip, shedding 4.81 points or 0.08 per cent.
The NBAD Emirates Stock Market Indices maintained the upturn for the second day by posting a slight rise of 1.58 points or 0.07 per cent to close at 2402.09.
Emnex ended the day slightly higher with 2.96 points to close at 3956.27. On a quiet trading day, the insurance sector gained 0.81 per cent as Al Khanza Insurance traded Dh19 up for in show of recovery after the previous day's plunge. The telecom sector gained 0.45 per cent as Etisalat traded 80 fils up. The financial service sector followed suit with a gain of 0.06 per cent as most of the bank shares traded at higher prices. The Islamic sector was down by 0.65 per cent with both Islamic Banks shedding points. With Emaar trading one fil lower, the property sector also dipped. Union Property, however, traded five fils up.
Trading volumes fell on Dubai Financial Market to 4.5 million shares in 331 deals valued at Dh30.9 million from 5.69 million shares in 324 deals valued at Dh42.04 million on the pervious day. In the services sector, which recorded 265 deals valued at Dh22.46 million, while both Amlak and Emaar skidded Tabreed and Union Properties gained 20 fils and five fils respectively. Emaar closed one fils down at Dh5.54 and Amlak finished one fil lower at Dh2.78.
The banking sector, posting a trading volume of 40 deals, saw Emirates Bank regaining 45 fils it lost on the previous day to close at Dh31.50 Dubai Islamic Bank, shed 85 fils, and Commercial Bank of Dubai dropped 80 fils.
The investment sector, posting 21 deals, saw both Dubai Investments and Gulf General Investment Company sustaining the gains 10 fils and 15 fils respectively.
On the Abu Dhabi Stock Market, which saw trading in 31 stocks, while 11 scrips slumped, 11 stocks gained and 5 remained unchanged. In the banking sector, gainers included Union National Bank, up 0.67 per cent, First Gulf Bank, higher by 0.46 per cent and Emirates Bank, up 1.45 per cent. In the Service sector, Etisalat continued to recover with 0.49 per cent rise to finish at Dh163.80
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