Abu Dhabi stocks jump, led by banks and property stocks

Dubai: Abu Dhabi stocks edged up on Thursday, boosted by financial and real estate sectors, which had witnessed mixed fortunes earlier in the week.

While some banking stocks had started off lower as investors locked in profits after their recent gain, there were others that had seen moderate gains.

The financial sector index outperformed the benchmark index, jumping 2.83 per cent with First Gulf Bank up 4.85 per cent to Dh17.30. It was the third biggest gainer on the ADX General Index, which rose 1.95 per cent to 3922.51.

Among the other banks to advance included National Bank of Abu Dhabi, which gained 1.92 per cent to Dh13.30 and Abu Dhabi Commercial Bank, increasing by 0.19 per cent.

Leading banks in the UAE have shown healthy growth in profits in the second quarter ending June 30.

The real estate index rose 1.62 per cent as Aldar Properties, the stock that saw its shares traded the most with a turnover of Dh211.24 million, closing 1.86 per cent higher to Dh2.74.

In Dubai, the benchmark stock measure DFM General Index rose moderately by 0.24 per cent to 2594.61. Of the 27 stocks traded, 13 gained, 10 declined and four remained flat.

Arabtec, the largest listed construction company on the exchange, climbed 1.33 per cent to Dh2.29. Emaar Properties rose 0.50 per cent to Dh6. Logistics company Aramex was among the biggest gainers, advancing 3.92 per cent to Dh1.40. Air Arabia added 0.72 per cent to Dh1.40.

Dubai Investments, Dubai Islamic Bank and Tamweel lost 1.58 per cent, 0.28 per cent and 3.45 per cent respectively.