Dubai
The Abu Dhabi index rose more than 1 per cent on Tuesday, its biggest daily gain since July 1, even as traders resorted to broad-based buying ahead of the second quarter results.
The Abu Dhabi Securities Exchange general index closed 1.12 per cent higher to 4,668.55, the biggest gain since July 1, when the gauge had gained 1.36 per cent.
First Abu Dhabi Bank and Abu Dhabi Commercial Bank closed more than 1 per cent to be Dh12.4 and Dh7.15 respectively. Etisalat closed 0.88 per cent higher to Dh17.1. Etisalat closed 0.15 per cent higher to Dh17.1.
The Dubai Financial Market general index, which has been an underperformer in the region, closed 0.71 per cent higher to 2,895.64.
Ajman Bank, which was the most active stock in trade, closed 0.91 per cent lower to Dh0.978. Traded value in Ajman Bank stood at Dh69 million compared to a total of Dh308 million.
Drake and Scull International (DSI) closed 2.42 per cent lower to Dh0.685, after rising 10 per cent in the previous session. DSI has shed 48 per cent since mid-June.
In other stocks, Gulf Navigation closed 2.91 per cent lower to Dh1. Emaar Properties closed 1 per cent higher to Dh5.09.
“Dubai will remain weak till the economic and real estate outlook improves. Abu Dhabi may be a play of macro sentiment,” said Muhammad Shabbir, head of funds and portfolios at Saudi Kuwaiti Finance House (SKFH).
The Dubai Financial Market General index has shed 14 per cent since the start of the year compared to 6 per cent gains on the Abu Dhabi index.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 1.01 per cent higher to 8,417.91.
“The Saudi index may see a muted third quarter and may see more action in the fourth quarter as the economic indicators are improving,” Shabbir said. Saudi index has gained 16.5 per cent so far in the year.
