Abu Dhabi’s benchmark stock index rose the most in almost two weeks, tracking a rally in Saudi Arabian shares, as rising oil prices boost the economic outlook for the world’s top oil-exporting region.
Aldar Properties PJSC (ALDAR), the real-estate developer in merger talks with Sorouh Real Estate Co. (SOROUH), headed for the biggest gain since March 14. The benchmark ADX General Index (ADSMI) advanced 0.7 percent, the most since March 12, to 2,585 at 12:08 a.m. in the emirate. Saudi Arabia’s Tadawul All Share Index climbed 1.8 percent yesterday, the most in seven months.
Crude oil for May delivery rose 1.4 percent to settle at $106.87 a barrel on the New York Mercantile Exchange on March 23 after Reuters reported Iranian oil exports will drop by 300,000 barrels a day this month because of tighter sanctions. Abu Dhabi holds 7 percent of the world’s proven oil reserves.
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