|01-25-2015, 10:18 PM||#1|
First Gulf Bank leads Abu Dhabi market higher, Qatar advance
Abu Dhabi’s stock market leaped to its highest level in nearly a month on Sunday, boosted by First Gulf Bank earnings expected to beat estimates. Shares in Qatar advanced while Dubai fell.
First Gulf Bank added 3.9%, the largest gain since January 7. The bank in 2014 overcame HSBC Holdings Plc as the top UAE bank for syndicated loans.
The bank’s board will review 2014 earnings on Wednesday.
Shares on the National Bank of Abu Dhabi gained 2.6% amid notable optimism regarding the banking sector.
The Abu Dhabi Commercial Bank reported estimate-beating profit for the fourth quarter, but after the market closed. The bank’s shares were unchanged.
Abu Dhabi’s main index added 1% to close the session at 4,570.22, its highest level since December 28.
Qatar jumped the most in two weeks, buoyed by Qatar National Bank’s 4% rise.
Shares in Arabtec and Drake & Skull fell on the Dubai Financial Market (DFM) on Sunday, despite both being awarded development contracts in Abu Dhabi, overshadowing a rise in Dubai Islamic Bank’s shares after the bank reported a 64% rise in fourth-quarter profit.
Dubai’s main index lost 0.5%, with pressure coming from Arabtec and Emaar Malls, which fell the most since the start of January.
Bourses in Saudi Arabia, Kuwait, Oman, Jordan and Bahrain were closed in mourning for the death of Saudi Arabia’s King Abdullah. Egypt was closed for a national holiday.
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