Dubai: Abu Dhabi’s benchmark stock index climbed more than two per cent on Thursday as some specific stocks, which had recently been slightly lagging or have been highly volatile, made gains amid positive sentiment about the robust growth of the economy.

Banking, financial services and real estate stocks were the major gainers. First Gulf Bank rose 3.81 per cent to Dh17.70, National Bank of Abu Dhabi was up 2.76 per cent to Dh14.90 and Aldar Properties jumped 3.43 per cent to Dh4.11, among other active stocks.

“We saw FGB doing very well, NBAD doing very well, and Aldar as well,” said Saleem Khokhar, head of equities, National Bank of Abu Dhabi. “[There was] a bit of catch up on FGB that hadn’t been running as hard as all the other stocks that we have seen recently. NBAD is a similar story. If you look at year to date it hasn’t performed as well as the wider market.”

Year to date, First Gulf Bank is down -5.85 per cent and National Bank of Abu Dhabi has added only 7.19 per cent when the Abu Dhabi index is up more than 21 per cent.

The capital’s measure, ADX Securities Index, closed 2.04 per cent higher at 5171.90, surpassing its June 2008 daily close mark of 5158. 56.

“Technically, this is potentially important as that peak defines the long-term downtrend chart pattern of the index and it is where significant resistance was seen in 2008,” said Bruce Powers, an analyst and trader based in Dubai.

A daily close above that peak is considered bullish as the index has exceeded the potential resistance zone without encountering any noticeable resistance, he said.

“For the bullish outlook to continue in the near-future, upside follow through is needed, and for the Abu Dhabi index to now move further above that 2008 peak,” Powers added.

In Dubai, the index advanced 1.11 per cent to end at 4839.39. Here too real estate and financials stocks performed well. Shares of Emaar Properties, Union Properties and Emirates NBD increased 3.45 per cent, 4.36 per cent and 2.99 per cent respectively.

These sectors have been very solid in terms of their recovery, real estate projects being launched and Emirates NBD would definitely benefit being the largest bank,” said Khokhar.