Abu Dhabi shares climbed for a fifth day to the highest level since April as investors bet third- quarter earnings will increase and after First Gulf Bank PJSC’s recommendation was raised at EFG Hermes Holding.
Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest bank complying with Shariah banking principles, climbed the most in more than a week after it said profit advanced 31 percent. First Gulf, the U.A.E. lender controlled by Abu Dhabi’s ruling family, jumped 2 percent after it was raised to “buy” at EFG Hermes. The ADX General Index increased 1.1 percent to 2,807.77, the highest level since April 26, at the 2 p.m. close in Abu Dhabi.
Lenders “should be coming in line with expectations on earnings,” said Anastasios Dalgiannakis, a Dubai-based trader at Mubasher Financial Services. “Banks have seen inflows from foreign institutional investors with FGB opening higher this morning on the back of an EFG upgrade.”
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