Abu Dhabi shares rose for a fourth time this week as banks advanced on investor speculation third- quarter profit will beat expectations.
Abu Dhabi Islamic Bank PJSC surged to the highest close in almost two years and Abu Dhabi Commercial Bank PJSC gained the most since Oct. 11. The chief executive officer of ADCB, the United Arab Emirates’ third-biggest bank, said it aims to diversify lending after being hurt by Dubai World’s $24.9 billion debt restructuring. ADCB is scheduled to announce earnings next week. The ADX General Index rose 0.8 percent to 2,807.5 at the close in Abu Dhabi. The measure gained 1.8 percent this week.
“There are positive expectations for third-quarter earnings, especially for banks,” said Waleed Al Khateeb, senior finance manager at Dubai-based Daman Securities LLC.
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