Abu Dhabi shares maintain week-long rise while Dubai stocks remain flat

Dubai shares shed early gains on Tuesday to close virtually unchanged, while Abu Dhabi equities continued their gradual rise.

The Dubai Financial Market General Index rose 1.2 per cent in early trading but closed down 0.05 per cent to 4,182.05.

Emirates NBD was the pick of the blue chips, surging 3.45 per cent to a record high of Dh10.50.

Gulf Navigation dominated trade on the DFM, soaring 14.92 per cent to a high of 43.9 fils for the year.

About 90.3 million shares of the Sharjah-based company changed hands, or about 30 per cent of all trades for the day. It was also Gulf Navigation’s busiest trading day since March last year.

An official at Gulf Navigation declined to comment on the share movements.

Shares in Aramex and du, however, closed down 2.01 per cent and 1.10 per cent respectively.

In the capital, the Abu Dhabi Securities Exchange General Index closed in the black for a seventh day in a row.

The index climbed 0.57 per cent to 4.851.69 – its highest level of the year, buoyed by the banking and financial services sector.

Al Waha Capital rose 2.43 per cent to Dh2.53, while NBAD and FGB ticked up 1.89 per cent and 0.99 per cent respectively.

Methaq Takaful Insurance was the heaviest traded stock, accounting for just under a third of total volume. The Islamic insurer’s shares ended up 10.67 per cent to 83 fils, its highest close of the year.


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John Everington

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