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UAE bourses end flat as shares move within tight range

DP World plunges 8.14% while ENBD approaches Dh15 mark as UAE markets ended Monday's session on a flat note on Monday.

  • By Ahmed A. Elewa, Staff Reporter
  • Published: 20:07 February 11, 2008
  • Gulf News

Abu Dhabi: UAE markets ended Monday's session on a flat note, maintaining its ground after the steep decline recorded on Sunday.

Dubai Financial Market's (DFM) general index retreated marginally by 0.03 per cent, as the 1.32 per cent worth of losses recorded by Emaar was offset by the strong gains of more than two per cent recorded by Emirates NBD (ENBD), the largest listed bank in the UAE in terms of market capitalisation. Emaar stood at Dh11.20 at close, while ENBD approached the Dh15 mark to close at Dh14.90.

Other leading shares reported a mixed performance within a tight margin, with shares like DFM losing 0.54 per cent, and Air Arabia gaining 0.50 per cent.

Shares of DP World plunged 8.14 per cent to a fresh low. DP World raised almost $5 billion by selling stock the Middle East's largest initial public offering, with shares at $1.30.

In Abu Dhabi, the mixed performance of the leading shares was apparent as well, while the general index advanced 0.24 per cent to 4,705.39.

The real estate sector illustrated the mixed performance clearly where Sorouh Real Estate advanced by 0.55 per cent to Dh9.13, while Aldar Properties moved in the opposite direction, falling by 0.46 per cent to Dh10.75.

Similarly, the one per cent worth of losses recorded by the National Bank of Abu Dhabi were partly offset by 0.21 per cent of gains for etisalat which stood at Dh24.40 by the close.

Overall, the Emirates Securities general index added a minute 0.09 per cent to its value to close at 5,914.97, while the value of traded shares remained relatively low at Dh1.4 billion.

- With inputs from Reuters

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