Stock markets in the United Arab Emirates traded in a tight range with a positive bias on Sunday as investors waited for fresh cues.
Abu Dhabi’s general index advanced 0.1 percent to 4,657 points, helped by a rise in the banking sector.
First Gulf Bank was up 0.7 percent at AED 13.8 and National Bank of Abu Dhabi (NBAD) gained 0.5 percent to close at AED 10.55. The two lenders will be trading as a merged entity starting April 2, retaining the NBAD name.
“NBAD shares have rallied 21 percent during the last three months and now appear expensive,” investment bank SICO said in a report on Sunday, recommending a “sell” rating on the stock, with a target price of AED 10.5 per share.
In Dubai, the main index climbed 0.2 percent to 3,643 points, with volumes amounting to AED 405 million. The advance-decline ratio stood at 14-12.
Dubai Islamic Bank offered support as it gained 0.7 percent to AED 6.24. The bank’s shareholders have approved a cash dividend of AED 0.45 per share.
Damac Properties rose 1.4 percent to AED 2.91; and contractor Drake and Scull International added 1 percent to AED 0.492.
On the other hand, Dubai Investments was down 2 percent at AED 2.5.
The rest of the Gulf was also mainly positive: Qatar’s QE index rose 0.1 percent at 10,937 points; and Bahrain gained 0.1 percent to 1,350 points.
Saudi Arabia’s Tadawul All Share Index was last trading up 0.2 percent.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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