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UAE stocks gain AED7 billion led by First Abu Dhabi Bank

posted on 05/04/2017: 1094 views

The share price of First Abu Dhabi Bank, the new banking entity, jumped to AED10.90 during Tuesday's trading session, giving a tremendous boost to the UAE stock markets.

Adding to the momentum was the share price of the Dubai-registered Emaar, which hiked to AED7.44, an all-time-high in weeks.

Up to AED7 billion were added to the market value of company shares traded at the Abu Dhabi and Dubai Financial Markets, according to figures released at close of yesterday's session.

The Abu Dhabi Securities Exchange General Index registered its largest gain in over a month, after rising by 1.84 percent to 4,548 points. The Dubai Financial Market General Index likewise closed at 3,559 points, growing by 0.58 percent compared to yesterday's session.

Brokers in the market said that the registered rise in the share price of the new banking entity, the largest in the region, was expected while highlighting that part of the liquidity came from foreign shares.

According to Emirates News Agency, WAM, analysis, Etisalat share rose to AED18, contributing to the gains, along with the real estate shares registered at Abu Dhabi Financial Market.

The value of transactions made in both markets amounted to AED530 million, while the number of traded shares reached 336 million, over 4,737 deals.

The share prices of 23 companies closed high out of the total 54 companies that traded their shares, while shares of 20 companies closed down and 11 companies maintained their last traded price.


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