Abu Dhabi shares advanced to the highest in almost five months on speculation third-quarter earnings in the United Arab Emirates will beat expectations and after global markets and oil rallied. Qatar’s index rose.
Abu Dhabi Commercial Bank PJSC, the third-largest lender in the U.A.E. by assets, and Abu Dhabi National Energy Co., the state-run utility known as Taqa, soared to their highest levels in a year. The ADX General Index increased 0.7 percent to 2,721.68, the highest since May 24, at the 2 p.m. close in Abu Dhabi. Qatar’s QE Index climbed to the highest in two years, rising 0.8 percent.
“The third-quarter earnings season has started reasonably well in the region,” said Paul Cooper, managing director at Sarasin-Alpen & Partners Ltd. in Dubai, which oversees more than $500 million in the Middle East. “The international backdrop is positive.”
No comments:
Post a Comment