Abu Dhabi stocks boosted by NBAD, Sorouh Real Estate. Retail investors buy after trigger of technical levels reached following purchases by institutional buyers.
Sorouh gives capital a lift
Abu Dhabi's benchmark index jumped to the highest level in six months, lifted by Sorouh Real Estate.
The rise came after the developer behind Sun & Sky Towers reached a crucial technical level during trading. "Institutional investors have been buying for a while but as soon as that level was triggered retail investors began participating," said Nabil Rantisi, the managing director of brokerage at Mena Corp in Abu Dhabi.
Sorouh Real Estate, the top traded stock on the Abu Dhabi Securities Exchange, surged 5.3 per cent to Dh1.26.
The technical level at Dh1.11 was triggered on Thursday, Mr Rantisi said. The Abu Dhabi Securities Exchange General Index gained 1 per cent to 2,588.57. The gauge gained as much as 1.1 per cent during the trading session, the highest one-day price increase since March 12.
Emaar Properties, the developer behind the world's tallest building, gained 1.8 per cent to Dh3.40 in Dubai. Deyaar Development, another developer in the emirate, jumped 3.2 per cent to 38 fils.
Tamweel, the mortgage company with Sharia rules, advanced 4 per cent to Dh1.28. The Dubai Financial Market General Index gained 1 per cent to 1571.26.
Elsewhere in the region: Kuwait's measure lost 0.3 per cent to 5,885.38; Bahrain's index added 0.1 per cent to 1,074.47; Oman's MSM 30 Index rose 0.5 per cent to 5,593.98; Qatar's QE Index was little changed, down 0.01 per cent, to 8,458.65.
The Saudi Tadawul All-Share Index fell 0.13 per cent to 7,095.76.