Gulf News - 5/6/2006

UAE market turn-over rose to Dh3 billion on Sunday, with the Abu Dhabi Securities Market's liquidity rising to Dh1.2 billion worth of transactions and fuelling the rally by local stocks.

Nevertheless both markets closed slightly down, with Abu Dhabi's hotel sector pulling the general index down and Etisalat's share falling by 3.4 per cent.

In Dubai the index closed 0.26 per cent down at 495.58 points, with Emaar's share keeping the consistent modest gains, closing 1.15 per cent higher at Dh 13.15. The market's total turnover was Dh 1.87 billion.

In Abu Dhabi the index closed 0.07 per cent lower at 3831.19 points, with the rally on Abu Dhabi Islamic Bank intensifying, where its share recorded Dh558.7 million worth of transactions, gaining 7.85 per cent on Sunday to close at Dh81.7, and to maintain its status as the best performing share in both markets for the past two weeks.

Other winners in Abu Dhabi were Takaful and Taqa which gained 9.92 and 8.52 per cent respectively, while Abu Dhabi Aviation lost 5.12 per cent.

The Abu Dhabi bourse, which has declined 26 per cent this year, surged last week after a pension fund said it wanted to buy stocks, attracted by low valuations.

The statement had boosted Etisalat as investors anticipated the company would be a top target of state buying.