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Abu Dhabi Islamic bank on Najda street, Abu Dhabi. Image Credit: AHMED KUTTY/Gulf News archive

Dubai: Abu Dhabi Islamic Bank (ADIB) shares rose 1.1 per cent on Tuesday, playing a catch-up compared to other banking peers on the Abu Dhabi Securities Exchange.

ADIB closed 1.1 per cent higher at the day’s high of Dh4.56, nearing its highest level in 52 weeks of Dh4.58. ADIB shares have gained 14.98 per cent in the past six months on the back of an increase in foreign ownership to 25 per cent.

1.1%

gains by ADIB shares yesterday to close the session at Dh4.56

“The trend remains bullish in ADIB with support level intact at Dh4.40. ADIB may target Dh4.8 in the short term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note.

190306 adx website
Source: ADX website Image Credit: ©Gulf News

ADIB’s banking peers such as Abu Dhabi Commercial Bank have been outperforming the islamic bank. ADCB shares have gained 23 per cent in the past six months to March. On Tuesday, ADCB closed flat at Dh9.40. First Abu Dhabi Bank closed 0.66 per cent lower at Dh15. Emirates Telecom. Group Company or Etisalat ended 0.24 per cent lower at Dh16.84. The Abu Dhabi Securities Exchange general index closed 0.28 per cent lower at 5,087.34.

The trend remains bullish in ADIB with support level intact at Dh4.40 level. ADIB may target Dh4.8 in the short term.

- Shiv Prakash, Senior analyst, First Abu Dhabi Bank Securities

Real estate stocks on the Dubai Financial Market witnessed a slight profit-taking. Emaar Properties closed 0.41 per cent lower at Dh4.90, while Arabtec closed 1 per cent lower at Dh2.17. Emaar Malls closed 2.86 per cent lower at Dh1.7.

In other stocks in Dubai, Gulf Finance House (GFH) closed 1.77 per cent higher at Dh0.975, and was the most actively traded stock. GFH contributed 22 per cent of the total traded value of Dh135 million. Traded value has fallen from Dh250-300 million to less than Dh150 million. In other shares, DP World closed 2.02 per cent lower at $16. Dubai Islamic Bank closed 0.38 per cent lower at Dh5.21.

Dh135m

total traded value on the DFM general index yesterday

In other property stocks, Aldar Properties closed flat at Dh1.78. According to Al Mal Capital, “Aldar could also be one of the biggest beneficiaries of the recent announcement from the UAE.” The government is planning to build over 34,000 housing units for nationals by 2025 with an allocation of Dh32 billion.

0.28%

gains registered on the ADX general index yesterday

Saudi Arabia’s Tadawul index closed almost flat at 8,561.37 amid low volumes. “The first quarter results will be crucial to reviving local markets especially as inflows in Saudi Arabia decrease and therefore investors will be critical of results and rumours ahead of company announcements,” Essam Kassabieh, Senior Financial Analyst at Menacorp said. Al Rajhi Bank closed 0.30 per cent lower at 99.90 riyals.

Dar Alarkan Real Estate Development Co. ended 0.19 per cent lower at 10.90 riyals. Saudi Basic Industries Corp. ended 0.16 per cent lower at 122.40 riyals. Elsewhere in the region, the Muscat MSM 30 index closed 0.31 per cent higher at 4,165.98. The Qatar exchange index closed 1 per cent lower at 10,010.24.