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UAE bourses witnesses moderate trading yesterday  Join our daily free Newsletter

MENAFN - Khaleej Times - 16/09/2004

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DUBAI - UAE bourses witnessed moderate trading yesterday as the rally continued apace.


All major indices recorded an upswing with the benchmark National Bank of Abu Dhabi General Index gaining 41.25 points or 0.67 per cent to finish at 6,229.22 to reach a 52-week high. The NBAD ESM Index gained 16.46 points or 0.65 per cent to close at 2,546.37 as the Emnex surged 5.12 points or 0.12 per cent to 4160, posting some 42.48 per cent overall surge since January this year.

Barring the service sector, which dipped 27.50 points or 0.40 per cent, the up trend was discernible in most sectors with subindices moving up. While the banking sector subindex showed major gains of 98.05 points or 1.48 per cent to close at 52-week high of 6,730.12, the insurance subindex gained 9.59 points or 0.20 per cent, finishing at 4,8.7.94, close to the 52-week high of 4,855.31.

As reflected in Emnex, the property sector slowed down with Emaar and Union Properties trading at lower levels. Financial services sector witnessed positive movements as most bank scrips trading higher. The Islamic sector closed high with the Dubai Islamic Bank trading at higher prices after adjusting for the right issue.

A 40-fils drop in Etisalat share dampened the telecom sector even as the market as a whole witnessed high volumes. Al Ain Al Ahlia Insurance gained Dh3 pushing up the sector to close higher.

The Dubai Financial Market traded more than 18 million shares valued at Dh193 million, showing a sharp drop from previous day's Dh291million. Trading 16.7 million shares across five counters, the property sector accounted for a bulk of the total DFM volume. The Emaar counter traded 10 million shares worth Dh68.9 million. The scrip shed seven fils or 1.03 per cent value and closed at Dh6.75, while the Shuaa remained intact, Union Properties skidded 45 fils to close at Dh32.

With the exception of Emirates Bank, most bank scrips gained. While the Emirates Bank share closed 10 fils down at Dh35, the Dubai Islamic Bank posted a gain of Dh2.69 to close at Dh63.25 as Commercial Bank gained Dh1 to reach Dh115.

On ADSM, major gainers in the banking sector included the National Bank of Abu Dhabi, up 80 fils, the Abu Dhabi Commercial Bank, 35 fils higher, the Union National Bank, up by Dh1.25, and National Bank of UAQ, Dh10 up. In the services sector, while the Etisalat scrip closed lower at Dh168.60, other major losers include the National Marine Dredging, down by 90 fils and Abu Dhabi Ship Building Co, down by 75 fils.



 






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