FGB and NBAD lead market rally in Abu Dhabi

Shares in Abu Dhabi closed the week in positive territory yesterday, on the back of positive results from FGB and NBAD.

Dubai and Saudi Arabian stocks also closed higher.

FGB, which reported profit rise 31 per cent during the quarter, closed up 3.2 per cent at Dh11.20. NBAD, which reported flat profits, closed 1.1 per cent higher at Dh8.60.

Etisalat shares led losses, closing 1.2 per cent lower at Dh19.35, after the telecoms operator announced a 4 per cent fall in quarterly profits on Wednesday.

The Abu Dhabi Securities Exchange General Index closed up 0.6 per cent at 4,292.50.

The Dubai Financial Market General Index opened lower but finished in positive territory, up 0.4 per cent at 3,318.39.

Emaar Properties closed up 1.9 per cent at Dh6.85, while DIB rose 0.5 per cent to Dh5.26. However, Mashreq’s shares fell to their lowest level in two years, closing 4.7 per cent lower at Dh60. This follows a 25 per cent drop in third-quarter profit earlier this week.

Tabreed closed 1.6 per cent lower at Dh1.84, after the cooling firm announced an 8 per cent increased in third-quarter profit.

In Saudi Arabia, the Tadawul recorded its seventh straight trading day of gains, closing up 0.8 per cent at 5,936.30, led by banks and petchems.

Brent crude futures held their ground after Wednesday’s falls at around US$50.2 a barrel yesterday afternoon, as fears over a production deal at next month’s Opec meeting in Vienna subsided.

In Doha, the Qatar Exchange rose marginally, thanks to gains by Industries Qatar.


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Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
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Company Profile

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