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Banks power Abu Dhabi's gain

Abu Dhabi stocks rose on strength in the banking and investment sectors, while Dubai equities fell for the fourth consecutive session.

Abu Dhabi stocks rose on strength in the banking and investment sectors, while Dubai equities fell for the fourth consecutive session. The Abu Dhabi Securities Exchange General Index advanced 0.5 per cent to 2,820.45, led by a rise of 3 per cent for National Bank of Abu Dhabi (NBAD), the largest lender in the emirate. The NBAD convertible note, also listed on the index, rose 4.1 per cent after the lender said it was considering a plan to buy back the bond. NBAD said the proposal would be discussed at a board meeting next week.

Also yesterday, Union National Bank climbed 6.1 per cent. "The jump in NBAD and the convertible note is significant, but the rest of the market looks pretty flat with trade value not even touching Dh100 million," said Chahir Hosni, the equities sales manager at EFG-Hermes in Dubai. "It seems the markets here are steadily losing the gains accumulated last month. I would expect it to continue falling unless we find some news, good news, to bring the traders back to the floor," Mr Hosni said.

The Dubai Financial Market General Index retreated 0.8 per cent to 1,730.51 yesterday. Deyaar Development led the declines, falling 5 per cent. Shares of the telecoms operator du fell 3.1 per cent, their third straight loss after the company said on Monday it was considering raising Dh1 billion through a rights issue. The indexes in Kuwait, Bahrain and Muscat posted slight losses. The Qatari index rose 0.9 per cent, and Saudi Arabia's Tadawul All Share Index gained 0.2 per cent.


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