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UAE stock indices post modest gains

The Dubai Financial Market index closed 1.4 per cent up at 402 yesterday after remaining below the 400-points mark for a week. The Abu Dhabi index closed marginally up at 3,438.4 as the national benchmark NBAD General index closed 75 points (0.69 per cent) up at 11,010.

The bourses reported significant gain in volumes and turnover yesterday as the combined volumes exceeded 56 million shares. While the total market turnover was up 55 per cent at Dh353 million, the Dubai financial market traded 44.49 million shares worth Dh301million.

On DFM, the gains were reported mostly on the services sector counters. Emaar counter traded more than 15 million shares, accounting for 34 per cent of the market volume. The share closed 20 fils (1.85 per cent) up at Dh11. While Amlak and Arab Holding gained 1.5 per cent each, Aramex and du were up 1.2 per cent. In the banking sector, Commercial Bank of Dubai closed 4.7 per cent up at Dh4.72, Emirates Bank and Gulf Finance House gained 25 fils and 11 fils, respectively.

On ADSM, the banking sector reported small gains across four counters. National Bank of Abu Dhabi gained 1.2 per cent. While Abu Dhabi Commercial Bank slipped 3 fils, Union National Bank and First Gulf Bank gained 1 per cent and 0.4 per cent respectively. In the real estate sector while RAKProperties closed 0.5 per cent down at Dh1.7, Sorouh gained 1.2 per cent.