UAE shares register gains

Dubai: Despite the week starting on a positive note, with Dubai and Abu Dhabi bourses combined adding 1.57 per cent, the current trend of the market behaving sideways is likely to continue for a few more weeks.

"Without any near-term triggers, we believe the UAE markets are likely to drift sideways until the second quarter result season approaches," says a GCC Strategy note issued by EFG-Hermes on Sunday.

"The positive trend in Western institutional and long-only investor inflows should provide a floor to current levels and may even provide a modest uplift.

"We expect the UAE stock markets to pick up and gather momentum over the course of second half of 2008."

The Dubai Financial Market General Index, up for the fourth consecutive day on Sunday, gained 1.10 per cent to close at 5,740.90 and Abu Dhabi Securities Exchange Index added 0.47 per cent to 5,061.52.

In Dubai, Gulf Navigation Company, Amlak Finance, Air Arabia, Dubai Financial Market and Emaar Properties were among the top stocks with the highest turnover, their shares prices up 5.03 per cent, 2.90 per cent, 2.51 per cent, 1.38 per cent and 1.31 per cent respectively.

Abu Dhabi index has outperformed Dubai this year, with the EFG-Hermes Abu Dhabi index rising 9.4 per cent versus 9.8 per cent fall in Dubai index.

In Abu Dhabi, First Gulf Bank advanced 2.32 per cent to Dh24.30. etisalat after remaining flat for two sessions, added 0.24 per cent to Dh20.95.

Aldar Properties climbed 1.63 per cent to close higher at Dh12.45. Sorouh Properties closed at Dh9.62, up 0.84 per cent.