Banking sub-index leads 1.54% rise in Abu Dhabi

Abu Dhabi: The UAE stock markets showed mixed results yesterday. While the Abu Dhabi market index gained 1.54 per cent, the Dubai market index closed 0.13 per cent lower. The Emirates Securities General Index closed 0.78 per cent higher at 5,833.17.

According to the UAE market regulator, Securities and Commodities Authority (SCA), the total market capitalisation now stands at Dh805.73 billion.

The Abu Dhabi Securities Market (ADSM) General Index ended at 4,676.57 yesterday, while the Dubai Financial Market (DFM) index closed at 5,460.44.

Market analysts say the fundamentals of the UAE economy are strong and the bourses should be able to capitalise on the strength of dynamic first quarter results expected of major companies.

Yesterday the rise on ADSM was led by the banking sub-index that rose 2.26 per cent, while the energy sub-index rose 1.82 per cent. Shares valued at more than Dh528.54 million were traded during the day on the market, with the volume of shares traded exceeding 79.70 million.

Shares of Abu Dhabi Commercial Bank were the most actively traded, while Fujairah Cement Industries was the main gainer with its shares closing 10 per cent higher at Dh6.93. Qatar Telecom was the main loser. Its shares declined 9.96 per cent to Dh220.60.

On the DFM, more than 264.60 million shares valued in excess of Dh1.18 billion changed hands.

AirArabia's stock was the most actively traded by volume, while Salam Bah was the day's main gainer. Its shares rose 14.77 per cent to close at Dh2.72. The day's main loser was Arig, whose shares declined 10.30 per cent to Dh3.57 at close.