Banks, real estate shares,lift Abu Dhbai bourse by 0.70%

10 October 2010

The ADX General Index ended Sunday at 2,704.10 points (up 0.70%). The listed real estate developers RAK Properties (gaining 2.33% at Dhs0.44) and Aldar Properties (2.02% higher at Dhs2.55) RAK Bank, the emirates national bank, posted the second highest gain, closing 4.65% up at Dhs4.50. First Gulf Bank (FGB) from Abu Dhabi ended four percent higher to close at Dhs15.50. Credit Suisse analyst Mohamad Hawa expects a 0.2%-rops in net income for the third quarter for FGB. Hawa, however, has set for FGB an 'outperform'-rating and target price of Dhs28. Despite their advances since September, the UAE markets in Dubai and Abu Dhabi are the only GCC exchanges trading below the level from the start of the year. On a year-to-date basis the ADX lost 1.44%.

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