Dubai: First Abu Dhabi Bank (FAB) surged with aggressive volumes even as the Abu Dhabi index jumped more than a per cent to breach the keenly watched level of 5,000 level on Wednesday.
The Abu Dhabi Securities Exchange index closed 1.1 per cent higher at 5,021.18, but the index has been struggling to break above the important barrier of 5,039, which it tested for at least four times in the recent past.
Most of the gains in the index had been triggered by banking stocks like Abu Dhabi Commercial Bank and Union National Bank post the potential merger news. “Traders may look to add select banking stocks from lower support levels,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank in a note.
First Abu Dhabi Bank closed at Dh14.70, up 2.8 per cent. Traded volume stood at 11 million shares, its highest since early June.
In other stocks, Dana Gas closed 0.49 per cent lower at Dh4.06. The Dubai index witnessed late recovery due to buying in Emirates NBD and Emaar with other select stocks. The Dubai Financial Market general index closed 0.03 per cent higher at 2,776.38, after hitting an intra-day low of 2,753.
Emaar Properties closed more than a per cent lower at Dh4.91. Dubai Islamic Bank closed 0.19 per cent lower at Dh5.25. Emirates NBD closed 2.77 per cent higher at Dh9.29. Emaar Malls closed 1.55 per cent lower at Dh1.90.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 1.17 per cent lower at 7,659.88 on continued weakness in oil prices.
The Muscat MSM 30 index closed 0.17 per cent lower at 4,459.57. The Qatar exchange index closed 1.12 per cent lower at 10,199.08.