UAE indices post modest gains

DUBAI — The UAE stock market reported modest gains as key market indices edged up. The market benchmark NBAD General Index gained 1.2 per cent to close at 14,342.5 points as the DFM index closed 1.07 per cent up at 657 points.

By A Staff Reporter

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Published: Wed 22 Mar 2006, 9:35 AM

Last updated: Sat 4 Apr 2015, 3:37 PM

The gains were mostly in the banking and services sectors where institutional investors were seen entering cheap after the prices were beaten down to historic lows.

Though the valuations are good for accumulation, the market will continue to be volatile as institutional players will continue to take profits at frequent intervals,” said an analyst.

Buoyed by the modest recovery, the overall market turnover improved by 5 per cent to Dh1.66 billion. Most of the gains were reported on banking and services sector counters with NBAD's banking sector subindex gaining 223 points.

In 9070 trades DFM traded 143 million shares worth Dh1.3 billion. In the services sector Amlak and Emaar gained 2.45 per cent and 3.5 per cent respectively. Shuaa and Arabtec were up more than 1.5pc each.

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