UAE stocks sail through slight ups and downs amidst improved trading

ABU DHABI, — UAE stocks sailed through slight ups and downs at Wednesday’s session driven by the disclosure of 2017 first quarter financial statements by a number of companies, with shares slightly increasing at DFM and edging bit down at ADX.

With trading transactions amounting to AED75 million, the Dubai Islamic Bank’s share was up 1.7 percent to reach AED5.90 following the bank’s announcement of a profit growth. Union National Bank’s share closed 6 percent high at AED4.85, while Abu Dhabi Commercial Bank continued its gaining streak to close at AED7.10.

In the meantime, a buying spree over a selective segment of blue chip shares started following the disclosure of 1st quarter financial statements, with trading transactions conducted at the two leading markets amounting to AED600 million, with more cash inflows expected into the markets over the next week.

Within this context, DFM General Index rose by 0.15 percent to 3540 points while ADX closed at 4555, a 0.17 percent down from yesterday’s session.

Wednesday’s session saw upbeat sentiments comparatively with the past three sessions, giving reasons for more optimism over the coming few days, according to market brokers, who noted that a number of traders have already started to redirect part of their cash dividends flow back to the markets.

Majority of national companies paid out 10-100 percent cash dividends to their shareholders for the fiscal year 2016.

In the meantime, the number of advancing and declining shares was equitable, stocks of 15 companies remaining unchanged.

Source: Emirates News Agency