UAE shares end week mostly stable on profit-taking
DUBAI, (Reuters) - United Arab Emirates shares were steady in the week that ended on Thursday with profit-taking braking a recent uptrend, brokers said on Saturday, May 26.
Al-Sharhan for Shares and Bonds said in a report that speculators, taking advantage of a recent rally on the Abu Dhabi and Dubai bourses, had sold off some of their holdings.
"The market's performance was stable this week and due to demand on some shares that saw their prices increase recently, there was a bout of profit-taking," the brokerage firm said.
Total volume on the official Dubai and Abu Dhabi trading floors, and the over-the-counter market, rose four percent or 2.2 million dirhams to 53.8 million ($14.66 million) compared to 51.6 million a week ago.
Nine shares rose and an equal number fell.
On the Dubai Financial Market, National Bank of Dubai ended five dirhams lower at 705 while Emaar Properties fell 1.25 dirhams to 18.05 amid heavy selling.
Dubai Islamic Bank was among the gainers, rising 0.2 dirhams to 16.5.
The National Bank of Abu Dhabi added three dirhams to 514 on the Abu Dhabi Securities Market this week while Abu Dhabi Aviation fell five dirhams to 55.
In the OTC market, where most of the 40 local shares are traded, Abu Dhabi Insurance gained eight dirhams to 80. $1 = 3.67 dirhams --DUBAI, (Reuters)
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