Abu Dhabi’s benchmark stock index advanced the most in more than two weeks after company earnings in Saudi Arabia (SABIC) beat expectations, boosting demand for Persian Gulf assets. Oil traded near the highest close in two weeks.
Abu Dhabi Commercial Bank PJSC (ADCB), the United Arab Emirates third-biggest bank by assets, gained 1.3 percent. Sorouh Real Estate Co. (SOROUH), which may post a 24 percent increase in first- quarter earnings, advanced the most in more than a week. Abu Dhabi’s ADX General Index (ADSMI) rose 0.3 percent, the most since April 1, to 2,513.01 at the 2 p.m. close in the emirate. The Bloomberg GCC 200 (BGCC200) Index was little changed at 1:16 p.m. in Riyadh and Saudi Arabia’s Tadawul All Share Index (SASEIDX) added 0.1 percent today after surging 3.2 percent yesterday.
“Earnings in Saudi Arabia have lifted sentiment here as investors await first-quarter results of the heavy-weight companies,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC, the U.A.E.’s second-biggest bank by assets.
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