DFM edges up as lenders gain, ADX ends flat

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Aden - Yasmin Abdel Azim - Inside view of the Financial Market (DFM). Image Credit: Pankaj Sharma/Al Khaleej Today

Dubai: The Dubai Financial Market’s main index inched higher on Thursday, helped by gains in blue-chip lender Emirates NBD.

The DFM index closed up 0.3 per cent at 2,722 points, while Abu Dhabi’s ADX ended flat at 5,036 points.

Top lender Emirates NBD gained 1 per cent, driving a similar gain in the banking benchmark. Dubai Islamic Bank, the biggest Sharia-compliant lender in the UAE, slipped 0.6 per cent.

Real estate heavyweight Emaar Property slipped 0.2 per cent, pushing the property benchmark marginally lower as well.

On the Abu Dhabi index, market heavyweight First Abu Dhabi Bank eased 0.3 per cent and telecoms giant Etisalat dipped 0.1 per cent.

Saudi Arabia’s benchmark index fell 1.6 per cent, bogged down by Al Rajhi Bank, which dropped 1.7 per cent. Saudi Telecom shed 1.4 per cent after JP Morgan cut target price on the stock.

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