Dubai: Abu Dhabi index rose on Thursday, extending gains for another session helped by continued buying in banking stocks.
The Abu Dhabi Securities Exchange general index closed 0.34 per cent higher to 4,601.09, after gaining more than 1 per cent in the previous session.
First Abu Dhabi Bank closed 0.15 per cent higher to Dh12.4. Abu Dhabi Commercial Bank closed 0.11 per cent higher to Dh7.16. Taqa closed 0.06 per cent higher to Dh1.28.
“In Abu Dhabi, the forecast is already materialising in First Abu Dhabi Bank and Abu Dhabi Commercial Bank which are gradually recovering to first quarter highs,” Menacorp said in a daily note.
“Bets are the second quarter will reflect similar results as the first across all sectors with the strongest performance to be seen to be by the banking sector,” the note added.
Cabinet decision
The Dubai Financial Market general index closed 0.26 per cent higher to 2,954.46. Emaar Properties
“Emaar Properties and Dubai Islamic Bank fell back as the market’s hype from the recent cabinet decision fades until further information is released. Stocks are still considered to be attractive levels; however with none disclosure from listed companies, it is unlikely that investors will resume their heavy trading,” the note added.
Ithmaar closed more than 13 per cent to Dh0.434, while Dubai Entertainments closed 3.41 per cent higher to Dh0.424. Dubai Islamic Bank’s Reit closed 1.88 per cent higher to Dh1.63. Drake and Scull closed 1.67 per cent lower to Dh1.18. Emaar Properties closed 0.19 per cent lower to Dh5.19.
Gulf Finance House closed more than 2 per cent lower to Dh1.44.
Elsewhere in the region, Saudi Arabia’s Tadawul index was 0.17 per cent lower to 8,025.36.
Saudi Basic Industries Corp closed 0.18 per cent higher to 120.20 Saudi riyals (Dh117.72), while Dar Alarkan Real Estate Development Co closed 3.18 per cent lower to 11.56 riyals. The Muscat MSM 30 index closed 0.17 per cent higher to 4,564.45.
