Abu Dhabi Stocks Rise for 6th Day on Bank Results; ADCB Gains

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Abu Dhabi shares advanced for a sixth day, as earnings from banks boosted investor confidence, oil traded above $77 a barrel and emerging markets rose.

Abu Dhabi Commercial Bank PJSC increased for a fifth day, its longest winning streak since Sep. 13. The chief executive officer of the U.A.E.’s third-biggest bank told Emirates Business 24/7 that ADCB will avoid investments abroad this year. National Bank of Abu Dhabi PJSC gained the most in almost two months. Abu Dhabi’s ADX General Index added 1.2 percent to 2,723.96. The measure has increased 4.8 percent in the past six days, its longest winning streak since Sep. 10. The DFM General Index advanced 0.7 percent.

“Abu Dhabi banks provisioned for some bad debts and there is a feeling that the worst is behind us,” said Yazan Abdeen, a fund manager at ING Investment Management (Dubai) Ltd. “However, I think the bad debt through direct and indirect exposure in real-estate are still hidden.”