Second-quarter results boost UAE indices

Dubai: Strong performances of some of blue-chip companies in the second quarter announced last week helped UAE indices to start the week yesterday on a positive note. etisalat and Abu Dhabi Commercial Bank were among the companies to have posted solid gains in the second quarter.

The Dubai Financial Market General Index gained 0.40 per cent to 5243.11, reversing three straight sessions of losses. The Abu Dhabi Securities Exchange Index climbed 0.93 per cent to 4935.39.

"Definitely, the earnings are having a positive effect on the market sentiment," said Tariq Qaqish, fund manager, asset management, Al Mal Capital. "The investors are a bit cautious but they are always such during summer, when trading is low. Other than that, the fundamentals are still strong and earnings are showing very good growth."

Volumes continued to be low and yesterday, both markets witnessed a sharp fall. Shares traded totalled 327.96 million, with Abu Dhabi trading a mere 99.44 million shares. The total turnover was Dh1.42 billion.

Among the major companies that edged up were Dubai Islamic Bank, up 1.41 per cent to Dh7.91, Emirates NBD 0.85 per cent to Dh11.80 and Dubai Financial Market which also closed 0.88 per cent higher at Dh4.58.

In Abu Dhabi, all the major banks gained. Abu Dhabi Commercial Bank added 1.39 per cent to close at Dh5.12 and National Bank of Abu Dhabi was up 1.23 per cent at Dh20.55.