Duba: Abu Dhabi index jumped nearly 1 per cent, with activity seen in banking stocks. Saudi Arabia’s Tadawul index led regional gains.

The Abu Dhabi Securities Exchange General Index closed 0.93 per cent higher at 4,309.03. “It has been a continued rebound from the sell-off that was seen recently. UAE has held up very well compared to other GCC markets,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group. National Bank of Abu Dhabi closed 1.07 per cent higher at Dh8.50. First Gulf Bank closed 1.82 per cent higher at Dh11.20. Aldar Properties closed 1.89 per cent higher at Dh1.69.

The Dubai Financial Market General Index closed 0.05 per cent higher at 3,319.48. Gulf Finance House closed 2.73 per cent higher at Dh1.13. Dubai Entertainments closed more than 3 per cent higher at Dh1.56.

“[The] bullish close hints further upside and the stock might hit Dh1.62 in the short term. Traders bought near the recommended level at Dh1.45 may look to hold and add further while trailing the stops higher to Dh1.47 level,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities, said.

Emaar Malls closed 1.14 per cent higher at Dh2.67. Emaar Properties closed almost flat at Dh6.51.

Out of a total of 35 stocks traded on the exchange, shares of 16 firms fell, while other 14 rose. The rest remained steady.

Driver:

“The results season has started but the results have been coming in on a weaker side, and this what I think would drive the markets in the short-term,”

Emirates NBD missed analysts’ expectations by registering almost flat net profit for the third quarter to September.

The bank made a net profit of Dh1.66 billion in the three months to September 30, compared to Dh1.67 billion in the corresponding period of 2015,

Traders would be eyeing more results from companies for direction.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 1.13 per cent higher, the highest in the region. The rally was helped by banking and petrchemcial shares. Alinma Bank closed 1.17 per cent higher at 11.75 Saudi Riyals, while Saudi Kayan Petrochemical Co. closed 2.14 per cent higher at 6.20 Saudi riyals.

The Qatar exchange index closed 0.31 per cent lower at 10,452.11. Muscat Securities MSM 30 index closed 0.17 per cent higher at 5,592.88. The Kuwait Stock Exchange index closed 0.60 per cent higher at 5,315.23. The Bahrain Bourse all-share index closed 0.66 per cent higher at 1,144.47.

The Egyptian EGX 30 index closed 0.65 per cent lower at 8,160.40. The index has gained 9.81 per cent in the past one year, partly in anticipation of the devaluation of the currency.