Dubai: The Abu Dhabi index jumped more than 1 per cent on Wednesday, its sharpest daily rise so far in the year, on the back of buying in banking stocks, expecting more foreign inflows and a day after Emirates NBD announced its biggest overseas acquisition by buying Denizbank from Sberbank.
The Abu Dhabi Securities Exchange general index closed 1.3 per cent higher to 4,585.57, after rising to a high of 4,607.70, a level last seen on May 5.
“Banks such as FAB and ADCB are still moving upwards as investors look forward to foreign inflows and second quarter results shortly next month,” Menacorp said in a morning note.
First Abu Dhabi Bank closed at Dh12.25, up 0.5 per cent and was the third most active stock in trade. Abu Dhabi Commercial Bank closed 0.15 per cent higher to Dh7.05. Dana Gas closed 0.01 per cent higher to Dh1.08.
The Dubai Financial Market general index closed 0.89 per cent lower to 2,946.67.
Dubai Entertainments closed 2.76 per cent higher to Dh0.410. “ ... mixed buying was seen especially on DXBE which had nothing new to offer which could some what be speculative as investors await for a miracle,” Menacorp note added.
Drake and Scull closed 0.83 per cent lower to Dh1.20, while Emaar Properties closed 1.5 per cent to Dh5.20. Gulf Finance House closed 2 per cent lower to Dh1.47. Dubai Islamic Bank closed 0.42 per cent lower to Dh4.76.
Emaar Development closed 0.37 per cent higher to Dh5.40.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.07 per cent lower to 8,039.05.
Saudi Basic Industries closed 0.6 per cent lower to 119.80 Saudi riyals, while Alinma Bank closed flat at 20.46 riyals, Saudi Kayan Petrochemical Co. closed 0.07 per cent lower to 13.98 riyals. The Qatar exchange index closed 0.07 per cent higher to 8,999.92. The Muscat MSM 30 index closed 0.49 per cent lower to 4,556.70.
