Business | Markets

Abu Dhabi index crosses 5,000 for first time this year

Abu Dhabi's general index on Sunday crossed the 5,000 mark for the first time this year as bullish UAE markets added more than Dh17.4 billion to the market value of listed companies.

  • By Ahmed A. Elewa, Senior Reporter
  • Published: 16:40 April 20, 2008
  • Gulf News

Abu Dhabi: Abu Dhabi's general index on Sunday crossed the 5,000 mark for the first time this year as bullish UAE markets added more than Dh17.4 billion to the market value of listed companies.

The value of traded shares recovered substantially to Dh4.3 billion of which Dh2.6 billion was in Dubai.

The Emirates Securities general index advanced 2.07 per cent to 6,180.13, raising the gains since the beginning of the year to 2.72 per cent.

In Dubai, the benchmark index added 2.28 per cent to its value to close at 5,711.98 on relatively heavy trading on the leading shares, especially Dubai Financial Market (DFM), Amlak Finance, Tamweel, and Emaar Properties.

Emaar rose 3.14 per cent to Dh11.50, followed by its financial arm, Amlak, which reported a better performance, rising almost seven per cent to Dh4.91.

DFM's shares shot up 5.65 per cent to Dh5.80. Only four companies, out of the 26 traded, ended the session in the red.

The Abu Dhabi general index advanced 1.82 per cent to 5,000.07.

The value of traded shares exceeded Dh1.69 billion, as the rally continued on the real estate, energy, and banking sectors.

Banks recorded substantial gains, led by First Gulf Bank which recorded an impressive 5.29 per cent worth of gains to stand at Dh22.75, followed by Union National Bank which advanced five per cent to Dh8.80.

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