Abu Dhabi lender buoyed by optimism over Dubai World

NBAD rose almost 2 per cent after the country's second-biggest bank said it expected to reach an agreement on loan payments from the Dubai World conglomerate

Hadeel al Sayegh National Bank of Abu Dhabi rose almost 2 per cent after the country's second-biggest bank said it expected to reach an agreement on loan payments from the Dubai World conglomerate this quarter. The bank's chief executive told The National last week that its exposure to Nakheel was already resolved. Shares jumped 1.9 per cent to close at Dh11 a share yesterday. The Abu Dhabi Securities Exchange General Index moved up 0.5 per cent to 2,485.40 while the Dubai Financial Market General Index dropped 0.4 per cent to 1,465.49.

Union Properties fell 3 per cent as the property developer's second-quarter loss widened. Brokers said investors were still seeking a catalyst to trade, particularly with property companies. "There is nothing new here. In terms of real estate in general there has not been a surprise so far," said Hassan el Salah, the head of institutional trading at AlRamz Securities based in Abu Dhabi Dubai Islamic Bank shares remained unchanged at Dh1.87 yesterday. The bank's second quarter income dropped 33.9 per cent.

Elsewhere in the region, Qatar's index dropped 0.6 per cent to 7,020.36, Bahrain's measure fell 0.2 per cent to 1,406.45, Oman's bourse dipped 0.2 per cent to 6,301.61 and Kuwait's index lost 0.1 per cent to 6,658.60. The Saudi Tadawul All-Share index added 0.1 per cent yesterday. @Email:halsayegh@thenational.ae

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