Second-quarter results boost UAE indices

Dubai: Strong performances of some of blue-chip companies in the second quarter announced last week helped UAE indices to start the week yesterday on a positive note. etisalat and Abu Dhabi Commercial Bank were among the companies to have posted solid gains in the second quarter. The Dubai Financial Market General Index gained 0.40 per cent to 5243.11, reversing three straight sessions of losses. The Abu Dhabi Securities Exchange Index climbed 0.93 per cent to 4935.39. "Definitely, the earnings are having a positive effect on the market sentiment," said Tariq Qaqish, fund manager, asset management, Al Mal Capital. "The investors are a bit cautious but they are always such during summer, when trading is low. Other than that, the fundamentals are still strong and earnings are showing very good growth." Volumes continued to be... [read full story]