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2,499.93 -50.57 -1.98 %

Abu Dhabi index extends gains from 3-year high

(8/8/2018 7:48:00 AM)

The Abu Dhabi index rose on Tuesday, extending gains for another session to its highest level in more than three years, leading regional gains, on the back of buying in banking shares.

The Abu Dhabi Securities Exchange general index hit a high of 4,915.35, the highest level seen since October 2014, since before closing 0.57 per cent higher to 4,911.19.

“In Abu Dhabi, the index displayed a significant increase on the back of First Abu Dhabi bank that has accomplished key milestones in the integration process of its merger, which boosted investor confidence in the financial sector as a whole, where heavyweight Abu Dhabi Commercial Bank also pulled the index up,” Issam Kassabieh, senior analyst with Menacorp, said in a morning note.

First Abu Dhabi Bank closed 1.79 per cent higher to Dh14.25. Union National Bank, Dana Gas and Waha Capital closed 0.50-1 per cent higher. Abu Dhabi Commercial Bank closed 0.7 per cent lower to Dh7.12.

“The focus now is on the real estate sector. Though there may be exceptional items that boost bottom line as a result of the real estate stimulus package, revenues are expected to take a hit and the market desperately needs to see maintained margins in order to prevent the sector from falling even further,” Kassabieh said.

The Dubai Financial Market General Index closed 0.90 per cent lower to 2,951.07. Dubai Islamic Bank fell 0.39 per cent lower to Dh5.06. Emaar Properties closed 1.21 per cent lower to Dh5.31.

Emaar Development closed 1.55 per cent higher to Dh5.25. Gulf Finance House closed more than 1 per cent higher to Dh1.42.

Elsewhere in the Gulf, Saudi Arabia’s Tadauwl index closed at 8,242.82, up 0.07 per cent. The Qatar exchange index closed 0.41 per cent higher to 9,973.97. The Muscat MSM 30 index closed at 4,447.71, up 0.62 per cent.

The Kuwait exchange index ended 0.38 per cent higher to 5,279.05.

Gulf News