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UAE indices post marginal gains

DUBAI — Key UAE stock indices reported marginal gains yesterday as most leading stocks closed flat or posted small losses. The market benchmark National Bank of Abu Dhabi Index closed just 5 points up at 17,211.69 points. The banking sector subindex of NBAD General Index fell by 5 points and the service and insurance subindices gained 19 points and 14 points respectively.

Across the two bourses the UAE market traded a total turnover of Dh2.4 billion. Dubai Islamic Bank counter traded more than 36 million shares worth over 1.15 billion, over 50 per cent of the total DFM turnover. “Despite the cancellation of yesterday's trades and the controversies surrounding market rigging, the share was in big demand yesterday. This simply shows that market is convinced about the potential of the scrip,” said an analyst. The DIB scrip slipped 40 fils yesterday to close at Dh32.05, but quoted an intra-day high of 33.40. National Bank of Dubai share posted a 6 per cent gain yesterday to close Dh13.45 up at Dh233.60. The service sector shares reported across the board decline in prices. Emaar slipped 60 fils to Dh23.15. Amlak and Shuaa were down by 5.4 per cent and 2.3 per cent, respectively.

On the Abu Dhabi bourse, banking counters reported modest activity with NBAD scrip closing intact at Dh47. Union National Bank and Abu Dhabi Islamic Bank posted five fils and Dh1.80 respectively. The Abu Dhabi Commercial Bank fell by Dh4.40 to close at Dh292.30.