Dubai: The Abu Dhabi index posted its highest level in a year, inching towards the closely watched 5,000 level on Wednesday on the back of buying First Abu Dhabi Bank (FAB).
The Abu Dhabi Securities Exchange general index closed 0.13 per cent higher at 4,963.25, after hitting a 52-week high of 4,973.20.
“The Abu Dhabi index was upheld once again by blue chips Etisalat and First Abu Dhabi Bank which have both steadily appreciated since the release of the second quarter’s financials,” Issam Kassabieh, senior analyst with Menacorp said in a morning note.
FAB closed 0.05 per cent higher at Dh14.7, and was the most active stock in trade. Aldar Properties closed almost steady at Dh1.93.
“The real estate and construction sector also appreciated with Aldar managing to recover from a week of losses as investors perceived it to be at an attractive price point,” Kassabieh said.
Etisalat closed flat at Dh16.85. In other stocks, Union Arab Bank closed 0.03 per cent higher at Dh3.68.
Emaar Properties supported the Dubai index on Wednesday, while Tadawul index eased from its highest level in two weeks.
The Dubai Financial Market General index closed 0.49 per cent higher at 2,832.05. Emaar Properties closed 1.42 per cent higher at Dh4.99.
Low trading volumes
In other stocks, Dubai Islamic Bank closed 0.20 per cent higher at Dh5.11.
Gulf Finance House closed 1.49 per cent higher at Dh1.36.
Traded value came in at Dh110 million, compared to more than Dh130 million in the previous session.
“Low trading volumes continue to persist on both indices with a lack of information or activity occurring to overturn the current market sentiment,” Kassabieh said.
In other stocks, Aramex closed 0.69 per cent at Dh4.39.
Elsewhere in the Gulf, Saudi Arabia’s Tadauwul index slipped below the keenly watched 8,000 mark. The index closed at 7,997.24, down 0.49 per cent. The Qatar exchange index closed 0.23 per cent lower to 9,835.55.
The Muscat MSM 30 index closed 0.44 per cent higher at 4,429.47.