Text size:

  • Small
  • Normal
  • Large

Banks power Abu Dhabi's gain

Abu Dhabi stocks rose on strength in the banking and investment sectors, while Dubai equities fell for the fourth consecutive session.

Abu Dhabi stocks rose on strength in the banking and investment sectors, while Dubai equities fell for the fourth consecutive session. The Abu Dhabi Securities Exchange General Index advanced 0.5 per cent to 2,820.45, led by a rise of 3 per cent for National Bank of Abu Dhabi (NBAD), the largest lender in the emirate. The NBAD convertible note, also listed on the index, rose 4.1 per cent after the lender said it was considering a plan to buy back the bond. NBAD said the proposal would be discussed at a board meeting next week.

Also yesterday, Union National Bank climbed 6.1 per cent. "The jump in NBAD and the convertible note is significant, but the rest of the market looks pretty flat with trade value not even touching Dh100 million," said Chahir Hosni, the equities sales manager at EFG-Hermes in Dubai. "It seems the markets here are steadily losing the gains accumulated last month. I would expect it to continue falling unless we find some news, good news, to bring the traders back to the floor," Mr Hosni said.

The Dubai Financial Market General Index retreated 0.8 per cent to 1,730.51 yesterday. Deyaar Development led the declines, falling 5 per cent. Shares of the telecoms operator du fell 3.1 per cent, their third straight loss after the company said on Monday it was considering raising Dh1 billion through a rights issue. The indexes in Kuwait, Bahrain and Muscat posted slight losses. The Qatari index rose 0.9 per cent, and Saudi Arabia's Tadawul All Share Index gained 0.2 per cent.

skhan@thenational.ae

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 Three generations of the Hakimi family tend to their stall Crawford Market in Mumbai. Subhash Sharma for The National

In pictures: Shopper’s delight at Crawford Market in Mumbai

Crawford Market is an old British-style covered market dealing in just about every kind of fresh food and domestic animal imaginable. Later on renamed Mahatma Jotirao Phule, the market remains popular among locals and visitors by its old name, taken from Arthur Crawford who was the first municipal commissioner of the city.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National