Banks drive Abu Dhabi stocks higher; Saudi slips

Stock markets in the Gulf were mainly positive on Wednesday, with banks boosting Abu Dhabi’s index while real estate stocks helped push Dubai to its highest level in two months.

Saudi Arabia, however, slipped as petrochemicals and banking sectors came under pressure.

Abu Dhabi led the advance among regional peers as its general index soared 1.8 percent to 4,434 points. Market heavyweight First Gulf Bank (FGB) and blue chip National Bank of Abu Dhabi (NBAD) were the top gainers. FGB jumped 5.4 percent to AED 12.65 and NBAD added nearly 3 percent to AED 9.89, ahead of their shareholders meetings that are scheduled for later today. The banks are looking for the final approval for their upcoming merger.

Dubai’s main index rose 1.3 percent to 3,496 points as Emaar Properties added 2.4 percent at AED 7.22. Contractor Arabtec Holding jumped 3 percent to AED 1.36, in active trade. GFH Financial Group and Union Properties saw some profit-taking. GFH was down 0.5 percent at AED 1.9 and Union Properties fell 1 percent to AED 1.03.

Kuwait’s price index gained 0.4 to reach 5,589 points. The stock exchange is closed tomorrow and will reopen on Sunday.

Qatar and Oman ended with slight gains, while Bahrain slipped.

Elsewhere, Saudi Arabia’s Tadawul All Share Index (TASI), which is still in session, was marginally lower towards closing hours. 

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com