Abu Dhabi shares climbed a third day this week after Abu Dhabi National Energy Co. said third-quarter profit more than doubled and on speculation last week’s declines were overdone given economic growth prospects.
Abu Dhabi National, the state-run company known as Taqa, rose 3.6 percent after net income surged because of higher oil prices and a one-off gain. Aldar Properties PJSC climbed 2.2 percent. The ADX General Index advanced 0.2 percent, the most since Nov. 7, to 2,761.66, at the 2 p.m. close in Abu Dhabi. Qatar’s QE Index climbed 0.5 percent to 8,040.78, the highest in more than two years led by Qatar National Bank.
“The strong Taqa earnings helped lift Abu Dhabi shares,” said Humam Al-Shamaa, economic adviser at Al-Fajer Securities in Abu Dhabi. “The drop last week was overdone and investors are buying Aldar on yesterday’s news.”
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