Abu Dhabi stocks rose the most in more than two weeks as global shares and oil gained after the Federal Reserve announced another round of bond purchases to boost the world’s biggest economy. Dubai’s benchmark dropped.
First Gulf Bank PJSC, the United Arab Emirates lender controlled by Abu Dhabi’s ruling family, climbed to the highest since May. National Bank of Abu Dhabi PJSC increased to the highest this year. The ADX General Index rose 0.7 percent, the most since Oct. 21, to 2,770.37 at the 2 p.m. close in Abu Dhabi. Dubai’s measure lost 0.9 percent as Arabtec Holding Co. and Dubai Islamic Bank PJSC posted lower quarterly earnings. The TA-25 in Tel Aviv added 0.8 percent at 1:56 p.m. in Israel.
Global stocks jumped last week after the Fed announced plans to buy an additional $600 billion of Treasuries in a second round of quantitative easing. The central bank kept its pledge to hold interest rates low for an “extended period” after Chairman Ben S. Bernanke said the program could be modified in some way. The dollar last week fell the most in four against the currencies of six major trading partners.
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