Abu Dhabi shares advanced for a second day on investor speculation declines triggered by the unrest in Egypt were overdone given earnings prospects. Kuwait shares retreated.[bn:WBTKR=ADIB:UH]
Abu Dhabi Islamic Bank [], the United Arab Emirates’ second- biggest bank complying with Shariah banking rules, extended yesterday’s gain and United Arab Bank surged 7 percent. The ADX General Index rose 0.5 percent to 2,599.34, the highest since Jan. 27, at the 2 p.m. close in the emirate. The measure lost 3.7 percent on Jan. 30. Protests demanding Egyptian President Hosni Mubarak step down started on Jan. 25 and escalated on Jan. 28. The DFM General Index climbed 0.6 percent.
The shares gained today as “bank results are excellent and cash dividends are up,” said Nabil Farhat, partner at Abu Dhabi-based Al Fajer Securities. “Investors are watching for any new developments in Egypt, particularly what could happen when Egyptian banks and the stock market open.”
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