Early rally fizzles out for Emirates NBD shares
It had risen as high as Dh11.50 before closing flat at Dh11.30
Dubai: An early rally seen in shares of Emirates NBD and Dubai Islamic Bank (DIB) fizzled out at the end of trading to close flat on Wednesday. Emirates NBD shares had risen as much as Dh11.50 before closing flat at Dh11.30.
DIB closed 0.19 per cent higher at Dh5.15. The traded value came in at Dh30 million on DIB, about 20 per cent of the total traded value of Dh153 million on DFM.
Emirates NBD had reported a 50 per cent hike in net profits in the first six months of the year. totalling Dh7.48 billion. DIB saw net profits rise 13 per cent to Dh2.75 billion. But strong results were not enough to trigger a full-on rally in shares.
“Both banks reported strong result but both were supported by one-off gains, excluding that it was a flattish performance,” said an analyst with a bank based in Bahrain, who did not wish to be named.
Overall, UAE bourses witnessed a mixed trading session with slight profit-taking seen on select counters. The Dubai Financial Market general index closed 0.23 per cent lower at 2,716.09, while Abu Dhabi Securities Exchange general index finished the session 0.07 per cent higher at 5,080.74.
First Abu Dhabi Bank shares closed flat at Dh15, and Abu Dhabi Commercial Bank (ADCB) ended 0.23 per cent higher at Dh8.59.