Abu Dhabi index jumps, hit 1-week high

27/02/2015 05:33 AST

Abu Dhabi index ended more than 1 per cent higher on Thursday to hit its highest level in more than one week, led by banks. The Dubai index, however, ended lower.

The Abu Dhabi Securities Exchange general index ended 1.19 per cent higher at 4,686.19, after hitting a high of 4,690.44, a level last seen on February 15.

“It’s a continuation of uncertainty regarding oil prices, which is the main driver for economy around the GCC, however most of the investors are sitting on the sidelines,” said Tariq Qaqish, head of asset management, Al Mal Capital.

Crude oil fell towards $61 a barrel after jumping earlier in the session as a further jump in US crude stockpiles underlined currently ample supplies, countering indications of a coming recovery in global demand.

First Gulf Bank jumped 1.13 per cent in trade to end at Dh17.85, making it the most active stock in trade. The bank approved a 100 per cent cash dividends and 15.38 per cent bonus shares for 2014.

Etisalat shares, which was the second most active stock in trade, also gained 3.88 per cent to end at Dh12.05 after posting more than a quarter rise in net profits and revenues.

Aldar Properties ended 1.5 per cent lower at Dh2.63. Invest Bank remained the top gainer in trade with 14.75 per cent gains to end at Dh2.80.

Dubai index edged lower, consolidating in recent ranges. The Dubai Financial Market General Index ended 0.14 per cent lower at 3,864.67. Volumes stood at Dh600 million.

Shuaa Capital ended 5.95 per cent higher at Dh0.730, making it the top gainer in trade.

Arabtec Holding also gained 1.94 per cent to end at Dh3.16. Emaar Properties ended 0.40 per cent lower at Dh7.55.

Saudi index steady:

Saudi stocks index ended steady amid rising crude prices earlier in the session. Saudi Basic Industries climbed 0.15 per cent to end at 91.57 Saudi Riyals. Zain Saudi, the kingdom’s smallest mobile phone operator, jumped 2 per cent. All stocks in the sector fell on Wednesday after the market regulator suspended trading in shares of telecommunications operator Mobily following another shock revision of its 2014 earnings. Trading remained suspended for Etihad Etisalat.

The Tadawul All Share index (Tasi) ended 0.07 per cent lower at Dh9,313.52.

Elsewhere, Qatar Exchange Index ended 0.21 per cent lower at 12,445.34, Muscat Securities MSM 30 Index ended 0.29 per cent lower at 6,559.32. Bahrain Bourse All Share Index ended 0.38 per cent higher at 1,474.80.

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