Abu Dhabi shares rose to the highest in more than three months, leading gains in Gulf markets, as the Dubai World settlement bolstered investor confidence and oil traded near a one-month high.
National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-largest bank, climbed to the highest since May. First Gulf Bank PJSC, the lender controlled by Abu Dhabi’s ruling family, rose 4.2 percent. Abu Dhabi’s ADX General Index gained 1 percent to 2,593.24, the highest close since May 31. Saudi Arabia’s Tadawul All Share Index advanced 1.1 percent as the bourse opened for the first time since Sept. 6.
Dubai World, one of three main state-owned holding companies, said Sept. 10 it received approval from creditors to alter the terms on $24.9 billion of debt. The cost of insuring against default on debt sold by Dubai’s government declined for a fifth day, dropping to 435.5, the lowest level since May 13. Dubai’s DFM General Index fell 0.7 percent, trimming the gain for the month to 9.2 percent.
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