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Abu Dhabi bourse rises insignificantly

24 June 2010

The ADX General Index ended the day after a mild trading session at 2,553.44 points (up 0.08%). Shares of First Gulf Bank (FGB), the number four in the UAE, gained 0.66%, closing at Dhs15.15. FGB has sued Saudi conglomerate Ahmad Hamad Al Gosaibi and Brothers (AHAB) over an alleged default on Dh58.7 million (US$15.98m) of loans, The National reports. As oil prices halted near the level of $77 per barrel, market bellwether Abu Dhabi National Energy Company (Taqa) weakened 0.98%, closing at Dhs1.10. Credit Suisse research appreciates the short term oil price development at the current stage as "neutral".

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