Shares in Abu Dhabi set the pace across the Arabian Gulf on Tuesday, thanks to strong gains by First Abu Dhabi Bank (ticker: NBAD), ahead of its inclusion in the FTSE Emerging Markets Index.
All of the region’s headline indexes ended in positive territory, even as other global bourses performed weakly. Japan’s Nikkei closed down 0.9 per cent, with the Euro Stoxx 50 trading around 0.2 per cent lower in the late afternoon.
The Abu Dhabi Securities Exchange General Index was one of the best performers globally on Tuesday, rising 1.8 per cent to a four-week high of 4,548.87.
Shares in First Abu Dhabi Bank – which following the merger of NBAD and FGB still trades under the NBAD ticker – led gains in the capital, rising 4.8 per cent to Dh10.90, their highest level in nearly two years. “There’s been a lot of interest in the stock ahead of the inclusion in the stock ahead of its inclusion in the FTSE Emerging Markets Index on Wednesday,” said Ali Adou, a fund manager at The National Investor in Abu Dhabi.
Shares in Taqa meanwhile closed 5.3 per cent lower at 54 fils apiece, as investors booked profits after the energy firm’s stock gained 24 per cent in two days.
Dubai shares gained for a fifth consecutive session, their longest winning streak since early January, ending the day up nearly 0.6 per cent at 3,559.69, as retail investors continued to return to market.
DIB and Emaar Properties led the blue chip gains, rising by 1.8 per cent and 1.2 per cent, respectively.
Shares in Saudi Arabia closed up for the first time this week as oil prices remained firm. The Tadawul ended the day about 0.3 per cent higher, led by Sabic.
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