Dubai and Abu Dhabi stocks head opposite ways

Abu Dhabi: The Dubai Financial Market (DFM) declined marginally by 0.29 per cent to 4,220.33 as profit-booking hindered the gains.

The value of traded shares exceeded the Dh1 billion mark, as Dh1.2 billion worth of shares changed hands, a 48.5 per cent increase compared to the previous session.

Emaar Properties accounted for Dh649.6 million or more than 53 per cent.

The property giant declined by 0.39 per cent to Dh12.70, with many investors consolidating strong positions before the company's results disclosure.

According to reports, Dubai's market capitalisation fell by Dh1.1 billion, of which du's share alone was Dh0.5 billion, as the tele-communication company lost 1.9 per cent to close at Dh6.22, while Emaar lost Dh0.3 billion of its market value.

Out of the 20 shares traded, only five achieved gains, while 12 declined, with the National Bank of Dubai leading the winners by gaining 3.2 per cent to close at Dh9.29.

Contrary to the DFM, the Abu Dhabi benchmark index continued its advancement by gaining 1.22 per cent to secure its position above 3,000, closing at 3,063.43.

Accordingly the market capitalisation in Abu Dhabi increased by Dh3.3 billion, reflecting the positive reaction to the strong performance of the banking sector, especially the National Bank of Abu Dhabi, which will announce its results on January 28, and First Gulf Bank, which posted excellent results.

Etisalat continued to draw investors as the company is expected to disclose strong results.

The company gained 1.83 per cent to close at Dh16.65, with many analysts expecting the share's recovery to continue.