Dubai and Abu Dhabi bourses defend grounds

UAE stocks defended their grounds this week by resisting the strong pressure of the previous week's decline.
In Dubai, the general index fell 0.67 per cent to close yesterday at 4,166.56 points, while Abu Dhabi's general index advanced by 0.14 per cent to 2,951.70.
The market capitalisation remained almost unchanged recovering Dh2.3 billion, the majority of which were in Dubai.
In Abu Dhabi, the energy sector was hard hit by Aabar's decline in profits from Dh608 million to Dh93 million, while Dana Gas' disclosure of Dh814 million in profits came after yesterday's close. Meanwhile, Taqa's Dh455.2 million profit failed to push the share price higher according to Amanah Capital's weekly report.
All leading shares maintained their grounds, with Emaar on top of the most traded shares in terms of value by accounting for 46.6 per cent of the value of shares traded in Dubai.
The banking sector had the most positive effect on the markets, as it managed to recover about 50 per cent of its earlier losses, with the sub-index gaining 1.4 per cent. The National Bank of Dubai had the lion's share of that recovery, gaining 14.4 per cent over the week to add Dh1.8 billion to its market value, followed by Emirates Bank International which recovered 5.5 per cent of its share price.
The hardest hit was the real estate sector on account of Emaar's decline by 0.4 per cent to Dh12.95.
Source