MIDEAST STOCKS-Abu Dhabi outperforms on FAB, Saudi ends losing streak - Reuters:
Abu Dhabi stocks rebounded on Wednesday,
outperforming regional peers after a surge in First Abu Dhabi
Bank, while Saudi snapped a three-day losing streak on corporate
earnings announcements.
The Abu Dhabi index bounced back 1.9% after it lost
1.2% in the previous session, with market heavyweight First Abu
Dhabi Bank (FAB) surging 3.4%.
The largest lender in the United Arab Emirates saw its
biggest intraday gain since July, a day after it announced the
opening of a new branch in Saudi's Al Khobar. Another branch is
scheduled to open soon in Jeddah.
On Oct. 24 the lender also reported single-digit growth in
third-quarter net profit, broadly in line with analyst
forecasts.
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