Business | Economy
UAE shares rise as foreign investors make a return
With foreigners returning to the market, though not enough to lift the volumes, UAE shares rose on Monday, reversing the two-day decline.
- By Gaurav GhoseFinancial Features Editor
- Published: 00:08 July 15, 2008
Dubai: With foreigners returning to the market, though not enough to lift the volumes, UAE shares rose on Monday, reversing the two-day decline.
Led by etisalat, which climbed 1.01 per cent to Dh20, the Abu Dhabi Securities Exchange index closed up 0.55 per cent to 4952.38. Traded shares totalled 111.23 million with a turnover of 571.07 million.
In the broader market, gainers led losers by almost two to one. Banking, energy and healthcare shares rose.
Abu Dhabi Commercial Bank gained 1.58 per cent to Dh5.14 and National Bank of Abu Dhabi edged up 0.25 per cent to Dh19.90. First Gulf Bank lost 0.91 per cent to close at Dh27.25.
In the energy sector, while Dana Gas shed 0.54 per cent to end at Dh1.85, Abu Dhabi National Energy, also known as Taqa, added 2.15 per cent at Dh2.85.
In the healthcare sector, Gulf Medical Projects Company reversed yesterday's loss, adding 9.94 per cent to close at Dh3.54. It led the list of gainers.
Real estate marginally fell with Sorouh Real Estate dropping 0.75 per cent to Dh9.30. Aldar Properties however climbed 0.42 per cent to Dh12.05.
The Dubai benchmark rose 0.54 per cent to close at 5316.12 yesterday. Here too, the total volume was low at 285.03 million shares, helped by 142.24 million shares of Ajman Bank exchanging hands. The total turnover of Dubai was Dh1.09 billion.
In Dubai, 15 stocks advanced and nine stocks declined. Ajman Bank gained 6.44 per cent to Dh3.47. Emaar Properties, the third highest stock in terms of turnover, added 1.48 per cent at Dh10.30.
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