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UAE stock markets advance marginally

UAE markets ended Tueday's session on a flat note as the Emirates Securities general index advanced marginally by 0.2 per cent to 6,081.36.

  • By Ahmed A. Elewa, Staff Reporter
  • Published: 21:20 February 5, 2008
  • Gulf News

Abu Dhabi: UAE markets ended Tueday's session on a flat note as the Emirates Securities general index advanced marginally by 0.2 per cent to 6,081.36.

Nevertheless, market indices do not seem to reflect the realities of trading. In Dubai, where only five companies recorded gains and 15 were in the red, the index advanced by 0.2 per cent to 5,867.47 due to the relatively heavier weight of the gaining companies in the general index, including Emaar Properties, Dubai Islamic Bank (DIB) and Emirates NBD.

Emaar advanced by 0.8 per cent to Dh12.60 and DIB by 1.77 per cent to Dh11.50.

Other liquid shares, such as Air Arabia, du and Amlak Finance, recorded tangible losses on relatively heavy trading.

Amlak plunged by 2.53 per cent to Dh5.01, du by 2.56 per cent to Dh6.48, and Air Arabia by 1.42 per cent to Dh2.09. Dubai Fin-ancial Market's shares retreated as well by 0.5 per cent to Dh6.

In Abu Dhabi, a similar development but opposite in direction, occurred, where tangible gains were recorded by market leaders, but the 1.24 per cent worth of losses for etisalat limited the movement of the index that advanced slightly by 0.3 per cent to 4,752.27.

Sorouh Real Estate and Aldar resumed uptrend, gaining 5.21 and 2.23 per cent to Dh9.08 and Dh11.45 respectively. The energy sector also posted strong gains.

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