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General index of NBAD zooms past 8,000 mark

DUBAI - The UAE stock market marked another milestone yesterday with the market benchmark National Bank of Abu Dhabi (NBAD) General Index crossing 8000 points mark.

Market observers say the bullish trend in the market is driven by strong corporate performance and the abundant liquidity in the market. While the NBAD General Index gained 70 points to 8040 points, the banking and service sector subindices were up by 106 and 43 points respectively.

Across the two bourses, the market traded more than 104 million shares worth Dh1.26 billion. The Dubai Financial Market traded 96 million shares with the market turnover exceeding Dh1.13 billion.

In the service sector, property major Emaar gained 35 fils to close at Dh11.60 while Union Properties another leading property scrip slipped by Dh2.40 at Dh65.70. Tabreed scrip gained more than 12 per cent while Shuaa and Amlaak reported modest gains.

The banking counters traded a small volume of 1,900 shares across three counters on the Dubai Financial Market. Dubai Islamic Bank and the Emirates Bank shares gained Dh2.45 and Dh3.35 respectively, while the National Bank of Dubai closed 95 fils up at Dh141.85.

Leading banking stocks closed lower on the Abu Dhabi bourse with the National Bank of Abu Dhabi slipping 30 fils to close at Dh195.10 and the Abu Dhabi Commercial Bank share closing Dh3.60 lower at Dh11o.80. The Union National Bank share was in big demand and touched a new high of Dh107 gaining Dh3.40 yesterday.

Telecom major Etisalat came under selling pressure and closed Dh1.60 down at Dh225.20. Qtel also slipped Dh4.60 to close at Dh230.40.