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Abu Dhabi drifts higher on sustained support

By Sreenivasa Rao Dasari

The Abu Dhabi Securities Exchange, buoyed by encouraging fourth-quarter results and positive global cues, moved up for the fifth consecutive session yesterday as realty, banking and consumer stocks attracted buying interest.

Etisalat and National Bank of Abu Dhabi (NBAD) rose even though their fourth quarter numbers fell short of projections. Etisalat rose marginally by 0.45 per cent and closed at Dh11.15.

NBAD rose by 1.32 per cent for a second session in a row and closed at Dh11.55 after it announced its earnings. A rise of 7.55 per cent by Abu Dhabi Commercial Bank (ADCB) helped the index to move up further. ADCB closed at Dh1.74.

All the realty stocks closed higher on sustained buying interest from retail investors. Aldar shares were in demand on positive expectations about fourth-quarter results and the stock rose 1.49 per cent to close at Dh4.08. RAK Properties shares added 1.82 per cent and closed at Dh0.56. Sorouh stock moved up 2.58 per cent to Dh2.39.

"The fourth-quarter results boosted market sentiment," Eyad Abdulnabi, COO of Al Ramz Securities, told Emirates Business. "The UAE markets were buoyant because of the earning numbers. On the other hand many investors are too cautious to take fresh positions."

Methaq shares rose 0.99 per cent and closed at Dh3.07 as the market reacted positively to the company's decision to invest in commercial real estate.

Dana Gas, one of the most active stocks on the ADX, ended 1.11 per cent up at Dh0.91.

GCC in positive area

The GCC bourses, with the exception of Muscat and Bahrain, closed on a positive note yesterday as the rise in oil prices and the positive outlook for the global economy boosted market sentiment.

The DFM led the gains and was followed by the ADX with 0.97 per cent, Qatar with 0.48 per cent, Saudi with 0.22 per cent and Kuwait with 0.02 per cent.

Herfy Foods listed on Saudi bourse yesterday and traded at SR61.75 on good volumes. The company's issue price was at SR51 per share including par value of SR10 and premium of SR41.


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