ADIB fuels Abu Dhabi index rise

INDEX CLOSES 0.48% UP AS RECORD 25M SHARES OF THE BANK TRADED

Traders bought bank shares like Abu Dhabi Islamic Bank, leading to a further rise on the Abu Dhabi index. The Abu Dhabi Securities Exchange (ADX) general index closed 0.48 per cent higher at 5,079.75, sustaining above the keenly-watched 5,000 level.

First Abu Dhabi Bank closed 4.94 per cent higher at Dh4.25 with heavy volumes of 25 million shares, the highest ever, after the board allowed 25 per cent foreign holding on the name.

Etisalat closed more than one per cent higher at Dh17.30, while Dana Gas closed 2.65 per cent lower at Dh1.10.

Dana Gas has gained more than 25 per cent since March this year.

Energy stocks

“Energy stocks in Abu Dhabi have done well as expected on higher oil prices which have strengthened sentiment and thus reflected on the index in the recent months,” Essam Kassabieh, senior financial analyst at Menacorp, said.

“Interesting moves have been seen on stocks such as Tabreed, Emaar Malls and Dubai Islamic Bank, yet volumes are quite low.”

The Dubai Financial Market general index closed 0.18 per cent higher at 2,783.90.

Air Arabia closed nearly 3 per cent higher at Dh1.05. DP World closed 2.8 per cent higher at $18.50.

Dubai Islamic Bank closed 1 per cent higher at Dh5.35.

Among the losers, Emaar Properties closed half a per cent down at Dh4.87.

“Investors can reassess their positions following this earnings period,” Kassabieh said.