Business | Markets
UAE shares up marginally for second straight day
UAE shares gained, though marginally, for the second straight session on Tuesday as investors continued to look at the current low prices as a buying opportunity.
- By Gaurav Ghose, Financial Features Editor
- Published: 23:32 August 19, 2008
Dubai: UAE shares gained, though marginally, for the second straight session on Tuesday as investors continued to look at the current low prices as a buying opportunity.
Volumes traded were in the low range, with Abu Dhabi trading a turnover of Dh555.19 million and Dubai Dh526.59 million.
Dubai Financial Market General Index closed 0.05 per cent up to 5,014.81.
Abu Dhabi Securities Exchange Index advanced slightly by 0.17 per cent to 4,565.84.
Of the 32 stocks traded in Dubai, 13 declined, 11 advanced and eight remained flat. In Abu Dhabi, gainers beat decliners narrowly by 20 to 17 and three remained unchanged.
Ajman Bank continued to be the topmost stock in terms of the total turnover, followed by National Central Cooling Company (Tabreed), which gained 0.98 per cent.
Emaar Properties, which traded shares worth Dh80.65 million, declined 0.41 per cent to close at Dh9.74.
Dubai Financial Market closed 1.01 per cent higher to Dh4.01, trading shares worth 61.04 million.
Emirates NBD advanced 0.89 per cent to Dh11.40.
"The Abu Dhabi Securities Exchange was also mostly steady," said the EFG-Hermes daily market report.
Aldar Properties, the most liquid stock trading shares worth Dh235.02 million, ended 0.47 per cent up to close at Dh10.65. Sorouh Real Estate, however, dropped 1.38 per cent to Dh7.88.
Gains
Both banking and energy sectors saw gains, moving up 0.40 per cent and 0.84 per cent respectively.
Abu Dhabi National Energy Company, also known as Taqa, pushed 1.07 per cent higher to Dh2.84. Dana Gas was up 1.14 per cent to Dh1.77.
First Gulf Bank surged 4.30 per cent to close at Dh24.25.
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