UAE markets continue to be range-bound

Abu Dhabi: UAE stocks continued to move in a tight range yesterday as the Emirates Securities general index advanced slightly by 0.41 per cent to 4,342.10.

In Dubai, the rally resumed on Deyaar Development's shares with more than Dh516.47 million worth of the developer's shares changing hands out of the market's total of Dh900.8 million, lifting the company's price up 2.75 per cent to Dh1.87.

Dubai Financial Market's (DFM) general index advanced by 0.36 per cent to 4,190.77, as Emaar Properties managed to accumulate 0.47 per cent of gains and close at Dh10.60, though on relatively lower volumes with less than Dh40 million worth of shares traded.

DFM's shares also witnessed a strong rally, on account of institutional investors' strong demand.

None of the sub-indices recorded losses, with the telecommunication sector leading the gainers on account of du's 1.49 per cent worth of gains that lifted the service provider's share price up to Dh4.75.

The transportation sector followed, with Air Arabia attracting strong demand and advancing by 1.68 per cent to Dh1.21.

In Abu Dhabi, the general index gained 0.37 per cent to close at 3,429.58, while the value of traded shares remained relatively low.

The energy sector was the best performer, as the sub-index advanced by 0.9 per cent on account of the strong gains by Abu Dhabi National Energy Company (Taqa) and Aabar Petro-leum, advancing by 1.11 and 0.83 per cent to Dh2.74 and Dh3.64 respectively.

The banking sector followed with 0.63 per cent of gains, as Investment Bank, National Bank of Abu Dhabi and First Gulf Bank ended the session in the black.

Meanwhile, Abu Dhabi Commercial Bank (ADCB) failed to report any gains despite the strong demand, to close 0.65 per cent down at Dh6.08.