MIDEAST STOCKS-Abu Dhabi shares surge 4% thanks on FAB's strong earnings - Reuters:
Abu Dhabi stocks leapt 4% on Thursday, their biggest intra-day gain in nearly four months, led higher by the United Arab Emirates’ largest lender First Abu Dhabi Bank (FAB) which surged 6.5% on strong second-quarter earnings.
Similarly shares in Dubai bank Emirates NBD rose 3.5% thanks to positive quarterly results, leading gains on the Dubai index which was up 1.7%.
On Wednesday FAB reported a 5% increase in net profit in the second quarter from a year earlier, while Emirates NBD said an 80% surge in second-quarter net profit to 4.74 billion dirhams was partly driven by an asset sale and foreign exchange gains.
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