U.A.E. Shares Climb on Second-Quarter Earnings, Aabar; Saudi Shares Gain - Bloomberg

Shares in the United Arab Emirates advanced, leading gains in the Gulf, as positive second-quarter earnings in Abu Dhabi increased confidence in local stocks.

Abu Dhabi Islamic Bank, the second-biggest bank complying with Islamic banking rules, rose the most in almost three months after second-quarter profit jumped 56 percent. Emirates NBD PJSC, Dubai’s biggest bank, advanced the most since April. Abu Dhabi’s benchmark advanced 0.3 percent to 2,534.29, the highest level since June 28, and Dubai’s DFM General Index climbed 0.7 percent. Volume on the measure was 44 percent below its three month average.

“Regional markets are marginally higher” than global markets today “as some slightly better earnings numbers are compensating for low summer trading volumes,” said Mark Friedenthal, a fund manager at Abu Dhabi Commercial Bank PJSC.