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Banks, Properties lift Abu Dhabi; turnover at 6-week peak

Banks, Properties lift Abu Dhabi; turnover at 6-week peak
Aldar
ALDAR
-1.08% 5.52 -0.06
FGB
FGB
-0.39% 12.90 -0.05

Shares on the Abu Dhabi bourse closed in the positive territory, boosted by both shares in the real estate and banking sectors.

ADX, the main benchmark stock index, gained 0.26% or 13.32 points to 5128.82pts, near its May-peak when the index hit 5253.41.

“Aldar and First Gulf Bank served as the main boos to the index on Wednesday. We have noticed investors pumping fresh cash in the market which could be a good sign in the long run,” said Mohammed Zidan, a senior equity analyst at Al Mal Capital.

Shares in Aldar Properties jumped 2% as the company announced significant progress in the pre-opening phase of Yas Mall with the impressive aerial fit-out of Geant hypermarket, the largest of its kind in Abu Dhabi.

“The successful completion of the air-conditioning installation marks an important milestone in the lead up to the hypermarket opening this year which will service thousands of the city’s international and local visitors including Yas Mall’s neighboring communities,” the company said in a press release.

Meanwhile shares in First Gulf Bank, the weightiest in the index, gained 1.37%, while NBAD closed flat.

Turnover stood at AED 424 million, while volume hit 131.1 million shares.