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UAE indices close higher despite wild fluctuations

Traders say the stock market is expected to continue its rally in near term

Gulf News

Dubai: Dubai index closed on a positive note despite fluctuating wildly during intra trade. The index closed 0.13 per cent higher at 1821.30 points on Monday.

The index hit a high of 1830.94 and a low of 1807.58 points during intra trade.

Traders said the stock market is expected to continue its rally in near term.

Among the gainers, International Financial Advisors (IFA) rose 13.94 per cent to close at Dh0.605, followed by Emirates NBD by 6.06 per cent to Dh3.50 and Aramex by 2.13 per cent to Dh2.20.

Emirates NBD shares rallied to its highest since October 2011as the lender announced a strong second-half dividend payments for income funds managed by Emirates NBD Asset Management last year. The lender said in a statement that the total 2012 dividends touch between four and five per cent.

Among the losers, GGICO fell 5.11 per cent to Dh0.353, followed by Dubai Refreshments by 3.57 per cent to Dh13.50 and Gulf Finance House by 3.18 per cent to Dh0.457.

Of the 30 companies traded, six rose, 19 declined and five remained unchanged.

About 230.25 million shares worth Dh297.22 million were traded on Monday.

Shares of Emaar were the most traded by value while Al Salam Bank shares were the most traded by volume.

Abu Dhabi: Abu Dhabi shares also fluctuated wildly but closed 0.26 per cent higher at 2806.89 points, mainly fuelled by banking shares.

The banking index closed 0.56 per cent higher at 5,049.50 points.

Abu Dhabi Commercial Bank (ADCB) shares rallied 2.74 per cent as the lender received approval from regulators for a plan to buy back up to 10 per cent of its issued shares, the lender said in a statement posted to the Abu Dhabi bourse website.

Among the gainers, National Bank of Ras Al Khaimah rose 10.47 per cent to Dh4.75, followed by National Bank of Umm Al Quiwain by 7.03 per cent to Dh1.98 and Union National Bank by 3.88 per cent to Dh3.48.

Among the losers, Foodco lost 10 per cent to Dh1.26, followed by Ras Al Khaimah Poultry and Feeding Co by 9.52 per cent to Dh1.14 and Bank of Sharjah by 6 per cent to Dh1.41.

Aldar shares were the most active by volume while ADCB was the most active by value.

Of the 36 companies traded, 11 rose, 17 declined and eight closed unchanged.

About 81.72 million shares worth Dh156.41 million were traded on Monday.