Dubai: Banking stocks gained the favour of traders on local bourses ahead of fourth-quarter earnings, with both the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) indices closing in positive territory on Wednesday.
Union National Bank (UNB), Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), First Abu Dhabi Bank (FAB) and Dubai Islamic Bank (DIB) all attracted buying interest, with UNB seeing 840,000 shares change hands, the highest since December 28, while 1.5 million ADCB shares were traded, double the previous volume of 750,000 shares.
UNB was up 2.07 per cent to Dh4.93, ADCB rose 0.61 per cent to Dh8.16, and ADIB put on 1.22 per cent to end at Dh4.14.
FAB ended the day 0.84 per cent higher at Dh14.34 and advised clients to add further buy positions, while DIB rose 0.80 per cent to Dh5.06.
The ADX general index gained 0.53 per cent to end at 4,953.24 while the DFM general index closed 0.44 per cent higher at 2,539.75.
“Today’s jump in ADCB and UNB triggered [a] bullish breakout, hinting [at a] near-term rally towards Dh5.15/5.35 and DhD8.50 respectively. Volumes are dull but expected to increase as they go over their previous highs,” Shiv Prakash, senior analyst with First Abu Dhabi Securities said.
Emaar Properties clawed its way back into the black after falling for five straight sessions. The stock closed 2 per cent higher at Dh4.
DXB Entertainments registered another bout of buying, the trend over the last five sessions, while Arabtec jumped 1.93 per cent to touch the previous session’s high of Dh2.11.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul All Share Index closed 1 per cent higher to end at 8,135.13 on the back of gains on the energy and capital goods index. The Bahrain All Share Index was up 0.45 per cent to 1,338.27 while the Qatar Exchange index closed 0.73 per cent higher at 10,535.13.
Oman’s Muscat MSM 30 index, however, fell 0.08 per cent to 4,310.760.
