Banks lift Dubai Financial Market

29/01/2015 05:57 AST

Dubai’s stock market gained ground yesterday, buoyed by a series of positive results from the banking sector.

National Bank of Abu Dhabi, Commercial Bank of Dubai and FGB all reported rising earnings for last year yesterday, following on from similar results from the likes of Abu Dhabi Islamic Bank, Emirates NBD and National Bank of Fujairah over the past few days.

The Dubai Financial Market General Index gained 0.4 per cent at 3,736.30 points, with Emirates NBD among the main gainers.

The bank, which last week reported a 58 per cent rise in full-year profits, closed 3 per cent higher at Dh9.27. Dubai Parks and Resorts, which is building a triple- themed amusement park in the emirate, and the telecoms operator du, were the other main risers of the day, ending up 3.1 per cent and 2.1 per cent, respectively.

The Abu Dhabi Securities Exchange General Index ended 0.3 per cent lower at 4,516.12 in thin trading. Just 31.3 million shares changed hands, the lowest trading volume on the bourse for more than three months.

Union National Bank was one of the leading gainers on the bourse, following its 42 per cent increase in fourth quarter profits on Tuesday. The bank’s shares closed up 5.7 per cent at Dh5.85, their highest level in a month. Waha Capital was one of the other big gainers of the day, rising 3.1 per cent to Dh3.23.

Shares in the index heavyweight FGB slipped 0.8 per cent to Dh17.15. The bank reported an 18 per cent jump in net profit to Dh4.66 billion for last year after the market close.

The National