Abu Dhabi’s benchmark stock index advanced to the highest level in more than five months after banks in the emirate reported improved quarterly earnings, boosting investor confidence. Dubai shares also rallied.
First Gulf Bank PJSC (FGB), the United Arab Emirates lender that reported better-than-expected profit last month, jumped 2.6 percent. Abu Dhabi Commercial Bank PJSC (ADCB), the U.A.E.’s third- largest lender, surged to the highest since July. Abu Dhabi’s ADX General Index (ADSMI) rose 0.7 percent to 2,593.22, the highest since Sept. 11 an the eighth day of gains, at the 2 p.m close in the emirate. The Bloomberg GCC 200 Index (BGCC200) gained 0.9 percent at 1:20 p.m. in Riyadh and Dubai’s DFM General Index (DFMGI) soared 2.7 percent to 1,698.22, the highest since December 2010.
The banking sector has shown “great potential, which is the main trigger for economic recovery,” said Musa Haddad, head trader at the National Bank of Abu Dhabi PJSC (NBAD)’s asset-management group. “We are seeing momentum building upwards on strong volumes as well as new highs.”
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