1 March 2005
DUBAI -- Leading UAE stock indices reported substantial gains yesterday as the modest rally which began last week gained momentum.
The financial sector stocks, real estate and telecom scrips were in big demand yesterday with Etisalat, National Bank of Dubai and Union National Bank shares posting major gains.
The market benchmark NBAD General Index gained 170 points to close at 9712.79 points. While the banking sector subindex gained 100 points, the service sector subindex gained 324 points.
The market volumes were up by 28 per cent. The Dubia Financial Market traded more than 101 million shares worth Dh1.18 billion. The Emaar counter traded a large volume of 41 million shares worth Dh585 million with the scrip closing 15 fils up at Dh14.15. While the Arabtech and Shuaa scrips gained 19 fils and 15 fils each, the Tabreed share gained 21 fils to close at Dh7.94.
The share split of Union Properties from a face value of Dh10 to Dh1 will come into effect from today. While the company has already distributed the bonus shares to the shareholders, the company will bee soon doubling its capital through a rights issue.
The banking sector traded close to 1 million shares on DFM. While the National Bank of Dubai gained Dh4.70, the Emirates Bank scrip closed 70 fils up at Dh57.70. On the Abu Dhabi bourse, leading banking shares continued to gain. The National Bank of Abu Dhabi was up by Dh5.70 and the Union National Bank gained Dh7.80, while the Abu Dhabi Commercial Bank scrip slipped by Dh1.30. In the insurance sector, the Al Khazna gained Dh2.30 and in service sector, Etisalat gained Dh10.20.
BY A STAFF REPORTER
© Khaleej Times 2005
