Abu Dhabi’s benchmark stock index advanced to the highest level in three weeks, led by Abu Dhabi Commercial Bank PJSC (ADCB), after economic reports in the U.S. and Germany boosted optimism about the global economic recovery.
Abu Dhabi Commercial, the United Arab Emirates third- biggest lender by assets, rallied the most in a month. First Gulf Bank PJSC (FGB) gained 0.3 percent after JPMorgan Chase & Co. (JPM) said the lender controlled by Abu Dhabi’s ruling family may pay a higher dividend in 2011 and this year. Abu Dhabi’s ADX General Index (ADSMI) climbed 0.3 percent to 2,416.61, the highest since Dec. 14, at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index (BGCC200) was little changed at 1:05 p.m. in Riyadh.
“The tailwind is coming from the strong overnight gains in global markets,” said Ali Khan, London-based head of Middle East and North Africa equities sales at Royal Bank of Scotland Group Plc. “In the absence of any specific negative news in the U.A.E., there is little or no reason to be hitting stocks down.”
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