Abu Dubai stocks rose across the Arabian Gulf for the second day in a row on Thursday, propped up by a late surge in banking stocks.
Shares in Dubai were unchanged on a mixed day for property stocks, while Saudi equities closed lower for a second straight day.
The index shares in Abu Dhabi closed up nearly 0.8 per cent at 4,617.16, even as volumes remained subdued.
First Abu Dhabi Bank led the gains, closing up 1.8 per cent at a one-year high of Dh11.50. ADCB closed up 1.4 per cent at Dh7.05, while Etisalat also gained.
Mid-cap property and construction stocks were the big gainers in Dubai, as investors piled into Union Properties. The developer’s shares closed up 4.8 per cent at a three-month high of 99 fils, following the apparent departure of the long-standing chairman Khalid bin Kalban earlier this week.
Damac Properties also gained, finishing up 2 per cent at Dh2.61.
The index bellwether Emaar Properties, meanwhile, closed down 1.8 per cent at Dh7.28, after Bloomberg reported that Blackstone and CVC Capital Partners were among buyout firms weighing a bid for a stake in the company’s entertainment division.
Arabtec Holding shares rose by as much as 4.7 per cent in early trading before closing up 1.6 per cent at 83 fils, after the construction firm announced its first quarterly profit in two- and-a-half years
The Dubai Financial Market General Index finished the day up just 0.02 per cent at 3,419.73.
In Saudi Arabia, the Tadawul index ended the day down 0.6 per cent, dragged lower by National Commercial Bank and Sabic.
jeverington@thenational.ae
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