Abu Dhabi tops 5,000 level again

TRADED VOLUME IN FAB SHARES JUMP TO 5-MONTH HIGH AS DUBAI GAINS SLIGHTLY

First Abu Dhabi Bank (FAB) surged with aggressive volumes even as the Abu Dhabi index jumped more than a per cent to breach the keenly watched level of 5,000 yesterday.

The Abu Dhabi Securities Exchange index closed 1.1 per cent higher at 5,021.18, but the index has been struggling to break above the important barrier of 5,039, which it tested at least four times in the recent past.

Most of the gains in the index had been triggered by banking stocks like Abu Dhabi Commercial Bank and Union National Bank after the potential merger news. “Traders may look to add select banking stocks from lower support levels,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank in a note.

FAB closed at Dh14.70, up 2.8 per cent. Traded volume stood at 11 million shares, its highest since early June.

The Dubai index witnessed late recovery due to buying in Emirates NBD and Emaar with other select stocks. The Dubai Financial Market general index closed 0.03 per cent higher at 2,776.38, after hitting an intra-day low of 2,753.

Emaar Properties fell more than a per cent to Dh4.91. Dubai Islamic Bank closed 0.19 per cent lower at Dh5.25.