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The Abu Dhabi index rose more than 1 per cent on Tuesday, its biggest daily gain since July 1, even as traders resorted to broad-based buying ahead of the second quarter results.
The Abu Dhabi Securities Exchange general index closed 1.12 per cent higher to 4,668.55, the biggest gain since July 1, when the gauge had gained 1.36 per cent.
First Abu Dhabi Bank and Abu Dhabi Commercial Bank closed more than 1 per cent to be Dh12.4 and Dh7.15 respectively. Etisalat closed 0.88 per cent higher to Dh17.1. Etisalat closed 0.15 per cent higher to Dh17.1.
The Dubai Financial Market general index, which has been an underperformer in the region, closed 0.71 per cent higher to 2,895.64.
Ajman Bank, which was the most active stock in trade, closed 0.91 per cent lower to Dh0.978. Traded value in Ajman Bank stood at Dh69 million compared to a total of Dh308 million.
Drake and Scull International (DSI) closed 2.42 per cent lower to Dh0.685, after rising 10 per cent in the previous session. DSI has shed 48 per cent since mid-June.
In other stocks, Gulf Navigation closed 2.91 per cent lower to Dh1. Emaar Properties closed 1 per cent higher to Dh5.09. “Dubai will remain weak till the economic and real estate outlook improves. Abu Dhabi may be a play of macro sentiment,” said Muhammad Shabbir, head of funds and portfolios at Saudi Kuwaiti Finance House (SKFH).
The Dubai Financial Market General index has shed 14 per cent since the start of the year compared to 6 per cent gains on the Abu Dhabi index. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 1.01 per cent higher to 8,417.91.
“The Saudi index may see a muted third quarter and may see more action in the fourth quarter as the economic indicators are improving,” Shabbir said. Saudi index has gained 16.5 per cent so far in the year.
The Dubai Financial Market General Index (DFMGI) dropped by 47.1 or 1.67 per cent last week to close at 2,778.76, the largest decline in 13 weeks. Market breadth was also bearish with 27 issues decli
Boursa Kuwait announced on Saturday it would begin on Sunday effecting Over the Counter Market (OTC) regulations and trading in this off-exchange system at the national stock exchange.
Boursa Kuwait announced Saturday the introduction of an Over the Counter Market (OTC). The new market will serve as a trading platform for companies that are not listed on Boursa Kuwait.
First Abu Dhabi Bank (FAB) surged with aggressive volumes even as the Abu Dhabi index jumped more than a per cent to breach the keenly watched level of 5,000 level on Wednesday.
The Abu Dh
Boursa Kuwait said it was committed to application of governance in compliance with regulations of Capital Market Authority (CMA), and to meet needs of traders. Boursa Kuwait has a duty to establishi