Gulf stocks rise; Abu leads region as NBAD soars

Stock markets in the Gulf rose on Wednesday, with Abu Dhabi leading for the second consecutive day as volumes swelled.

Abu Dhabi’s main index jumped 2 percent to reach this year’s high at 4,641 points. The advance-decline ratio stood at 15-6, and volumes soared to AED 522 million.

The newly formed First Abu Dhabi Bank (ticker: NBAD) extended the previous session’s gains as it rose another 4.1 percent to AED 11.35. The stock accounted for more than half of today’s total value.

Energy stocks remained under pressure, with Abu Dhabi National Energy Co. (TAQA) declining nearly 2 percent to AED 0.53 as investors moved to book profits. TAQA shares had rallied for two straight sessions after it reported its 2016 earnings.

Dana Gas was down 2.2 percent to AED 0.44.

In Dubai, the main index rose 0.4 percent to 3,573 points as Dubai Islamic Bank added 1.2 percent to AED 5.83 and Emaar Properties advanced 0.8 percent to AED 7.5.

Emirates Integrated Telecommunications Co. (du) plunged 4.5 percent to AED 5.91. The stock traded ex-dividend today.

Elsewhere in the region, Qatar’s QE Index gained 0.7 percent to 10,467 points. Masraf Al Rayan rose 1.2 percent to QAR 42.7. The bank said it has formed a committee to manage their merger with Barwa Bank and International Bank of Qatar.

Saudi Arabia’s Tadawul All Share Index was trading up 1.1 percent, supported by gains in oil prices.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com