Abu Dhabi Stocks Gain Most in Week on FGB Bets; Dubai Climbs - Businessweek

Abu Dhabi Stocks Gain Most in Week on FGB Bets; Dubai Climbs - Businessweek:



"Abu Dhabi stocks rose the most in more than a week, led by First Gulf Bank PJSC (FGB), as investors speculated earnings at the emirate’s second-largest lender will keep improving in the second half. Dubai’s main gauge advanced.



The ADX General Index (ADSMI) added 0.4 percent, the most since July 31, to 4,943.20 at the close in the Emirate. FGB, which accounts for more than 25 percent of the gauge, gained as much as 2.5 percent before closing 0.6 percent higher. Dana Gas PJSC climbed 1.5 percent after it said shareholder Crescent Petroleum Co. won an arbitration ruling against National Iranian Oil Co. Dubai’s DFM General Index advanced 0.1 percent to 4,739.95. 




“A decent set of second-quarter numbers from FGB, driven by a strong performance across all business segments, means the bank remains one of the preferred picks among investors in this sector,” Nayal Khan, head of institutional sales and trading at Naeem Holding brokerage in Dubai, said by e-mail today. “The bank is expected to continue repeating its performance in the second half of the year.”"



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