Abu Dhabi’s stock index rose the most in almost three weeks, pacing gains in the United Arab Emirates, before companies start reporting second-quarter earnings.
Abu Dhabi Commercial Bank PJSC (ADCB), the U.A.E.’s third-largest bank by assets, gained 2.2 percent. Emirates Telecommunications Corp., the Persian Gulf nation’s biggest phone company, advanced for the first time this week. Abu Dhabi’s ADX General Index (ADSMI)jumped 0.5 percent, the most since June 16, to 2,729.28 at the 2 p.m. close in the emirate. Dubai’s DFM General Index (DFMGI) advanced 0.2 percent. The Bloomberg GCC 200 Index (BGCC200) increased 0.3 percent at 1:17 p.m. in Riyadh.
“The majority of institutional investors are sitting on their hands awaiting evidence of earnings growth in second- quarter numbers,” said Julian Bruce, equity sales head at EFG- Hermes Holding SAE in Dubai.
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