Lackluster Abu Dhabi market adds 0.28%

27 September 2010

The ADX General Index finished trading at 2,664.20 as 11 shares closed flat. Abu Dhabi National Energy Co. (Taqa) extended its share price rally by gaining 0.77% to close at Dhs1.32, a new high in 2010. Global Investment House in Kuwait says that “as oil prices continue to rise in 2010 and into 2011, we expect Abu Dhabi’s contribution to UAE GDP to jump back to previous levels”. In 2008 Abu Dhabi contributed 56% to the UAE’s GDP. Oil prices added 1.38% during the last month, trading currently above $75. Banks performed weaker at the ADX on Monday. Shares of National Bank of Ras al-Khaima (RAK) lost 3.41% to finish at Dhs4.25. Yesterday, Capital Intelligence has affirmed Rakbank’s foreign currency ratings at ‘A-’ long-term and ‘A2’ short-term. The financial strength rating is maintained at ‘BBB+’, reflecting the bank’s good management and sound financials, particularly in the areas of profitability and capital adequacy, CI said.

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