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UAE shares post marginal gains

DUBAI — Leading UAE stocks closed flat yesterday resulting in the market benchmark National Bank of Abu Dhabi index slipping 60 points while the Dubai Financial Market gaining marginally to close at 1162 points.

Although the DFM Index hit a new record high yesterday, most key stocks including Amlak, Emaar, Arabtec and Shuaa reported small gains. The overall market turnover fell by 20 per cent to 3.96 billion, the DFM traded 153 million shares worth Dh2.64 billion.

Emaar counter traded a large volume of 65 million shares worth Dh1.7 billion. The scrip gained 15 fils to close at Dh27.20 while it touched a high of 27.75 during the day. The Amlak counter also traded a fairly large volume of more than 38 million shares and the share closed 15 fils up at Dh14.80. “During the opening hours both these counters reported brisk trading, however towards the closing hours the rally began losing the steam as some of the institutional investors were seen booking profits,” said a broker. Other service sector shares including Arabtec and Shuaa reported significant gains of 3.7 per cent and 2.2 per cent respectively while Tabreed and Union Properties closed lower. In the banking sector, the Commercial Bank of Dubai share gained Dh5.15 to close at Dh166 while the Dubai Islamic Bank and the Emirates Bank scrips gained fils and five fils respectively. On the Abu Dhabi bourse, the banking sector shares continued to slide. The National Bank of Abu Dhabi scrip slipped by 5.6 per cent while the Abu Dhabi Commercial Bank closed Dh2.20 down at Dh330.70. In the service sector, the telecom scrip Etisalat closed intact at Dh29.80.