DUBAI - On a day of lacklustre trading, UAE stocks recorded slight gains yesterday with the market benchmark NBAD General Index rising by 3.04 points or 0.05 per cent to finish at 5,914.11 as the NBAD Emirates Stock Market Indices dipped 0.60 points or 0.02 per cent to close at 2,418.04. Emnex rose 1.69 points or 0.04 per cent to close at 3988.45.
Yesterday's gains were spurred by the banking and service sectors with the subindices registering increases of 4.04 points or 0.06 per cent and 4.96 points or 0.08 per cent to end at 6,364.09 and 6,573.13 respectively. The insurance sector plunged by 19.2 points or 0.40 per cent to 4,781.07.
With Emaar trading four fils up and Union Property five fils down, the property sector gained 0.58 per cent, according to Emnex. With both Islamic banks' stocks selling at higher levels, the Islamic sector gained 0.18 per cent while the financial service sector edged up by 0.03 per cent, but a downturn was recorded by the telecom and insurance sectors.
On the Dubai Financial Market, trading volumes were low with 165 deals of 3.249 million shares valued at Dh19.33 million. In the services sector, which posted 138 deals valued at Dh16.3 million, as Emaar gained four fils or 0.71 per cent to close at Dh5.69 with total transactions worth Dh13.35 million, all other stocks suffered losses. Amlak shed one fil or 0.36 per cent to close at Dh2.80, Shuaa Capital slipped three fils or 0.65 per cent to finish at Dh4.56, Tabreed down by 10 fils or 0.63 to close at Dh15.65 and Union Properties dropping five fils or 0.20 per cent to Dh25.15.
The banking sector, registering moderate trading, saw Dubai Islamic Bank and Emirates Bank International gaining 15 fils and five fils respectively while National Bank of Dubai dropping 15 fils.
While little activity was witnessed by the insurance sector, the investment sector saw the Gulf General Investment Company shedding 20 fils or 0.70 per cent to close at Dh28.50.
On the Abu Dhabi Stock Market, slight gains were posted by Union National Bank (up 0.60), Abu Dhabi Islamic Bank (up 0.31 per cent), National Bank of Dubai (up 0.16 per cent) and Dubai Islamic Bank (up 0.19 per cent). Etisalat was down by 0.18 per cent at Dh168. Gainers included Oasis International Leasing, up by 8.95 per cent and Abu Dhabi Ship Building Co, up 3.24 per cent to close at Dh35.