Dubai shares rose nearly half a per cent in robust trade yesterday with gains for services and investments but Abu Dhabi stocks dropped more than one per cent led by top-ranked National Bank of Abu Dhabi as its results disappointed.
The Dubai Financial Market index of 28 listed companies rose 0.42 per cent to 1,174.18 points with market turnover rising to Dh2.36 billion from Dh1.79 billion the previous day. Gainers were ahead of losers 11 to six as 247.2 million shares changed hands.
Abu Dhabi stocks fell 1.58 per cent to 5,495.92 in moderate trade of Dh198.99 million. Some 17.3 million shares changed hands with gainers ahead of losers 20 to 13.
Abu Dhabi-listed Union National Bank rose 1.76 per cent to Dh14.45 before announcing a 189.9 per cent jump in nine-month net profit to Dh916.8 million.
National Bank of Abu Dhabi led the losers in Abu Dhabi, falling3.85 per cent to Dh56.15 after announcing a 131 per cent jump in third quarter net profit to Dh691 million but down 17.3 per cent from the preceding three months.
Analysts said NBAD's other operating income, which includes income from activities like lending for IPOs, dipped 44.7 per cent in the third quarter to Dh367 million from Dh664 million in the second as the number of new share issues fell. Total banking income dropped to Dh821 million from Dh1.11 billion in April-June.
Among other losers, Al Wathba Insurance Co dropped 3.51 per cent to Dh11 and Abu Dhabi National Takaful Co. shed 3.17 per cent to Dh6.41.
Gulf Pharmaceutical Industries Co. led the gainers, rising 4.74 per cent to Dh3.98 and Sudan Telecoms gained 3.96 per cent to Dh139.10.
In Dubai, Islamic Arab Insurance Co was the top gainer, jumping 9.79 per cent to Dh5.72, Arab International Logistics climbed 8.78 per cent to Dh6.07 and Arab Technical Construction Co rose 4.51 per cent to Dh7.27.
Arab Scandinavian Insurance, Oman Insurance and Arab Insurance Group led the losers although trading in their shares was thin.
Amlak Finance crawled 0.37 higher to Dh13.55 after announcing the previous day its nine-month net profit vaulted 340 per cent to Dh132 million.
Market heavyweight Emaar Properties dropped 0.19 per cent to Dh26.70 with 29.2 million shares worth Dh778.4 million changing hands.
The UAE's combined share index of 73 companies listed in Dubai and Abu Dhabi, is up 120.83 per cent since the beginning of this year helped by robust growth in corporate profits and flush liquidity.
Gulf News
