Dubai: Abu Dhabi Islamic Bank (ADIB) shares surged to its highest level in nearly 3 years, the latest bank which saw impressive gains after First Abu Dhabi Bank and Abu Dhabi Commercial Bank.
ADIB hit a high of Dh4.36, the level last seen in April 2016, before closing 1.64 per cent higher at Dh4.35. Traded volume rose to 9.65 million, the highest since November.
“The trend is up, so traders may look to hold and add further positions in ADIB. The bank shares may extend gains to Dh4.60 in the near term,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a note. The Abu Dhabi Securities Exchange general index closed 0.18 per cent higher at 5,137.30.
Other banks such as ADCB and FAB took a breather after registering strong gains since the start of the week. ADCB closed 0.11 per cent higher at Dh9.50.
However, banking counterparts in Dubai lagged in terms of performance. DIB shares rose only 0.79 per cent to be at Dh5.12 at close. Emirates NBD closed 2.08 per cent higher at Dh9.8.
The Dubai Financial Market general index closed 0.54 per cent higher at 2,542.82. Gulf Finance House closed 0.98 per cent lower at Dh1.01.
Cement stocks have witnessed good accumulation since October and are continuing its strong momentum into 2019.
Yanbu Cement closed 4.21 per cent higher at 29.70 Saudi riyals. The stock has gained 38 per cent since October.
“Traders may look to book full profits in Yanbu Cement as currently seen trading at the resistance level,” Prakash said.
The Tadawul index closed 1.21 per cent higher at 8,623.92, after hitting a high of 8,624.77, inching closer to its 52-week high of 8,635.59. The Tadawul index has been on a strong run since the start of the year, with 10 per cent gains since January 1.
“GCC equity markets greeted its investors in celebratory fashion, recording its highest monthly gains in over two years. Investor sentiment was bullish, as the influx of foreign funds, uptick in oil prices and expansionary budget policies are all expected to support corporate earnings growth in 2019,” Markaz said in its monthly report.