Stocks: Dubai gains and Abu Dhabi remains flat
Retail investors book profits in some stocks and buy others
Dubai: After the momentous on Wednesday, when MSCI upgraded the UAE to emerging market status, Abu Dhabi benchmark ended flat and Dubai stock index rose slightly as retail investors repositioned themselves, booking profits in some stocks and buying shares of others.
The Abu Dhabi Securities General Index closed 0.01 per cent up at 3361.39, with the turnover increasing from Dh636.15 million to Dh831.35. While the real estate stocks gained, banking stocks witnessed declines. Aldar properties and Sorouh Real Estate jumped 4.31 per cent to Dh2.42 and 8.33 per cent to Dh2.99 respectively.
National Bank of Abu Dhabi retreated 2.83 per cent to Dh12.00 and Abu Dhabi Commercial Bank shed 2. 51 per cent to Dh5.05. First Gulf Bank rose 0.31 per cent to end at Dh16.15.
Led by some buying in smaller stocks, the DFM General Index reversed the declines in early trading to end 0.16 per cent higher at 2399.88. The district cooling company, Tabreed, recorded the second highest turnover with a value of Dh111.99 million, surging 8.15 per cent to Dh1.99. Heavyweight Emaar Properties, which traded Dh137.56 million in value, dropped 0.34 per cent to end at Dh5.78.
Among the other losers included Dubai Islamic Bank, declining 1.74 per cent and Tamweel, shedding 3.79 per cent.
