Dubai: Emirates NBD results boosted the Dubai index on Wednesday.
The Dubai Financial Market General index closed 0.64 per cent higher to 2,931.90.
Emirates NBD, which was the second most active stock, posted a net profit of Dh5 billion in the first half of 2018, up 29 per cent compared with the same period last year. Emirates NBD closed 1.98 per cent higher to Dh10.30.
In other stocks, Dubai Islamic Bank closed 0.40 per cent lower to Dh4.96. Emaar Properties closed nearly 1 per cent higher to Dh5.20. Drake and Scull closed 1.68 per cent lower to Dh0.703.
“Selling seems to be drying out as investors move back in on Drake and Scull following the company’s disclosure reassuring that Tabarak Investment is still and will remain to be a strategic investor,” Issam Kassabieh, senior financial analyst at Menacorp said.
Abu Dhabi
The Abu Dhabi Securities Exchange general index closed 0.35 per cent higher to 4,755.01.
Waha Capital shares may see an upside, according to a brokerage. On Wednesday, Waha closed 2.29 per cent higher to Dh1.79.
“We would be a buyer of Waha Capital at current levels to target the upper band of Dh2.40,” Hesham Khairy, head of institutional trading at Menacorp said. Waha Capital has been trading in the range of Dh1.67-2.4 for the past 24 months. First Abu Dhabi Bank closed at Dh12.95, up 0.1 per cent.
“First Abu Dhabi Bank is maintaining its impressive price levels and is boosting trading value for the market while fellow commercial bank Abu Dhabi Commercial Bank has been lagging recently despite showing upside potential a month earlier,” Khairy said.
Abu Dhabi Commercial Bank closed 0.05 per cent lower to Dh7.05.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.11 per cent lower to 8,453.65.
Saudi Kayan Petrochemical Co was 1.80 per cent lower to 16.38 Saudi riyals, Dar Alarkan Real Estate Development Co was 0.39 per cent lower to 10.24 riyals.
The Muscact MSM 30 index closed 0.33 per cent higher to 4,457.12.
