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UAE shares close higher ahead of company results

With second quarter results not too far off, UAE markets have started to gather momentum, resulting in the indexes closing up for the week.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 00:11 June 6, 2008
  • Gulf News

Dubai: With second quarter results not too far off, UAE markets have started to gather momentum, resulting in the indexes closing up for the week.

The Dubai market and Abu Dhabi gained 2.5 per cent and 2.1 per cent respectively yesterday over last week's close.

For the day, while the Dubai Financial Market General Index rose 0.30 to 5,824.22, Abu Dhabi Securities Exchange Index added 0.15 to end at 5,145.19.

Banks continued to boost both the markets, up 0.52 per cent in Dubai and 0.78 per cent in the capital.

In Abu Dhabi, First Gulf Bank continued to move up, adding 2.3 per cent to close at Dh26.65 and Sharjah Islamic Bank rose 4.68 per cent to Dh3.13 In Dubai, Emirates NBD advanced 1.25 per cent and Dubai Islamic Bank edged up one per cent.

Real estate performance was mixed, with Dubai up 0.35 per cent and Abu Dhabi down 0.93 per cent. Emaar Properties climbed to Dh11.75, going up 0.43 per cent.

With Aldar Properties announcing that it would sell Dh3 billion of Islamic bonds to pay for its upcoming projects, its shares fell 1.17 per cent to Dh12.65. Sorouh Properties also declined, down 0.62 per cent to Dh9.62.

eitsalat remained unchanged for the second consecutive day at Dh20.95.

The energy sector gained 0.36 per cent with Aabar Energy and Abu Dhabi National Energy advancing 2.26 per cent and 0.26 per cent respectively. Dana Gas remained flat to close at Dh2.11.

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