Local bourses rose at the open, as investors traded up ADCB after the Abu Dhabi lender reported a 158 per cent increase in profits for the first quarter compared with the same period last year.
ADCB jumped 3.7 per cent to Dh2.78 a share at 10:30am, on the Abu Dhabi Securities Exchange. The lender said net profits for the quarter were Dh583 million.
The numbers were better than expected, said Haissam Arabi, the chief executive of Gulfmena Alternative Investments in Dubai. "It's a great sign of a potential comeback in the banking cycle," Mr Arabi said.
The Abu Dhabi Securities Exchange General Index 0.2 per cent to 2695.74 points.
In Dubai, property and construction stocks were the most actively traded. Arabtec Holding added 2 per cent to Dh1.47 a share. Union Properties gained 3.7 per cent to 42 fils, while Deyaar Development moved 1.5 per cent higher to 32 fils.
Elsewhere in the region, Kuwait's measure was unchanged at 6493.10. Bahrain's index lost 0.2 per cent to 1400.27. Oman's measure added 0.1 per cent to 6336.91. Qatar's bourse slipped 0.2 per cent to 8441.91. The Saudi Tadawul All-Share Index was unchanged at 6686.30.
halsayegh@thenational.ae
