Gulf stocks edge higher; NBAD boosts Abu Dhabi index

Stock markets in the Gulf were positive on Tuesday, with Abu Dhabi’s main index boosted by a sharp rise in the newly formed First Abu Dhabi Bank (ticker: NBAD).

The benchmark index in Abu Dhabi rose 1.8 percent to 4,549 points, with an advance-decline ratio of 11-7.

NBAD jumped 4.8 percent to AED 10.9. The merger of First Gulf Bank and National Bank of Abu Dhabi has led to the formation on the biggest bank in the UAE, with First Abu Dhabi Bank’s total assets exceeding AED 670 billion.

Abu Dhabi National Energy Co. (TAQA) recovered slightly from its nearly 9 percent slide to close lower by 5.3 percent to AED 0.54. Abu Dhabi Water and Electricity Authority has raised its stake in the energy firm to 74 percent from 52.38 percent, Reuters reported, citing a TAQA spokesman.

In Dubai, the main index rose 0.6 percent to 3,560 points, supported by gains in blue chip stocks. Emaar Properties was up 1.2 percent to AED 7.44 and Dubai Islamic Bank added 1.8 percent to AED 5.76.

Elsewhere in the region, Qatar’s QE Index gained 0.5 percent to 10,392. Qatar National Bank rose 0.3 percent to QAR 146.5. Qatar International Islamic Bank, meanwhile, fell 4.5 percent to QAR 65.9.

Saudi Arabia’s Tadawul All Share Index was last trading lower by 0.1 percent towards closing hours.

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