Markets Update: UAE stock markets rose yesterday, lifted by strong earnings reports and upbeat outlooks from big builders like Arabtec.
Big builders lift UAE indexes
UAE stock markets rose yesterday, lifted by strong earnings results from the capital's two largest lenders and upbeat outlooks from the banking sector.
Abu Dhabi Commercial Bank advanced 1.9 per cent to Dh3.19, after the country's third-biggest bank by assets said profits rose 38 per cent to Dh802 million.
National Bank of Abu Dhabi rose 1 per cent to Dh8.69, after the country's second-biggest lender by assets said profits increased 12 per cent to Dh1.04 billion.
The Abu Dhabi Securities Exchange General Index rose 0.2 per cent to 2,512.19.
"The results surprised me," said Wadah Al Taha, the chief investment officer at Al Zarooni Group, an investment company in Dubai. "There is a tremendous improvement in the figures." Arabtec Holding rose 0.2 per cent to Dh3.62 after Dubai's biggest builder told Bloomberg News the company's order book had reached about Dh14bn, about the same level as last year.
Drake & Scull International rose 2.1 per cent to 98 fils after the emirate's second-biggest contractor said it won a Dh470m contract for sewage-related works in Abu Dhabi.
The Dubai Financial Market General Index slipped 0.5 per cent to 1,660.26.
Elsewhere in the region: Kuwait's measure added 0.1 per cent to 6,336.50; Bahrain's index was little changed at 1,147.59; Oman's MSM 30 Index slipped 0.6 per cent to 5,913.85; Qatar's QE Index slipped 0.1 per cent to 8,651.15.
The Saudi Tadawul All-Share Index rose 0.3 per cent to 7,541.50.