Strong gains by banking sector support markets

Abu Dhabi: UAE markets reported modest gains on Thursday but the daily average value of traded shares continued to fall.

The Emirates Securities general index advanced 0.58 per cent to 6,125.53, but the value of traded shares did not exceed Dh1.9 billion.

The reason is not a squeeze on liquidity, but rather the effect of the regulator's strong stance in relation to the separation of accounts at brokerage firms, which limited leveraged purchases and margin trading substantially.

In Dubai, the general index advanced 0.48 to 5,832.48 on relatively low volumes, with Emaar Properties maintaining the tight range and advancing 0.84 per cent to Dh12.05.

The banking sector reported a strong performance on account of the gains recorded by Emirates NBD and Dubai Islamic Bank of 1.05 and 1.25 per cent to close at Dh14.40 and Dh12.10 respectively.

In Abu Dhabi, Sorouh Real Estate continued to dominate the scene, advancing by 3.77 to a new all-time record high of Dh11, boosting its market value to Dh27.5 billion, securing its position as the largest listed developer in Abu Dhabi in this respect. The mega developer advanced by 26.3 per cent since the beginning of the year.

Abu Dhabi Securities Market's general index advanced 0.66 per cent to 4,853.40, on higher trading values of Dh1.11 billion relative to Dubai.

The banking sector was among the best performers, on account of strong gains recorded by Abu Dhabi Islamic Bank which advanced 3.87 per cent to Dh64.35, and National Bank of Abu Dhabi which gained 1.74 per cent to Dh23.4.