Abu Dhabi bourse fails to crack 5,000
The Abu Dhabi Securities Exchange General Index (ADXGI) fell 0.54 per cent to close at 4,958.66 points on Thursday, February 27. Sharjah Islamic Bank surged 5.24 per cent to AED2.21. Dana Gas recovered some ground and edged up by 2.35 per cent to AED0.87. Despite the rally at GCC markets, Emirates NBD remains bullish. “We like GCC equities and bonds due to good fundamental trends in place,” said Arjuna Mahendran, the chief investment officer private banking at the UAE’s biggest lender. The shares of Julphar (the old name for Ras al-Khaima) soared by two per cent to AED3.51. Earlier in the day, the producer of pharmaceuticals said it generated a net income worth AED228 million (US$62.17 million), up from AED200.195 million or 14 per cent higher.