The Abu Dhabi stock market index ADXGI closed insignificantly higher at 5,053.40 points on Tuesday, August 19. National Bank of Ras Al-Khaima, better known as RAK Bank, edged up by 1.56 per cent to close at AED9.75. On Monday, RAK Bank received shareholders’ nod to buy a majority stake of RAK insurance company, regarded as another milestone in consolidating the overcrowded insurance segment in the UAE. RAK Bank gained 47.50 per cent in the last 12 months. With a dividend yield of 5.13 per cent, it also offers a higher return than most banks listed on the ADX.
Aldar Properties, the first developer in the UAE capital closed 3.20 per cent higher at AED3.87, a one-month high. Narrowing Bollinger bands could indicate the share might be poised for further increases.
Tuesday, August 19- 2014 @ 18:12 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.