Thursday , July 16 2020

Bank shares drive market cap gain of AED61b in UAE


Driven by country-level economic incentives and stimulus packages, the UAE financial markets continued their rebound for the second straight day, with listed companies posting combined gains of AED61 billion in market cap in the two sessions of Tuesday and Wednesday.
Abu Dhabi’s main stocks index was up 7.23 percent to 3,915 points on Wednesday, driven by gains at some of the blue chips, specially powerhouse banking stocks, with DFM’s General Index following suit, and closing 6.42 percent high at 1,823.
In Abu Dhabi, Etisalat was the best performer, climbing to AED14, with FAB closing high at AED10.30, followed by ADCB, AED5.65, and Aldar Properties at AED1.7.
In Dubai Financial Market, Dubai Islamic Bank edged up to AED3.92, with Emaar picking up to AED2.32 and Emirates NBD to AED7.38.
A total of 9,429 deals were conducted worth AED566 million over 466 million shares.

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