Mideast Stocks: FAB boosts Abu Dhabi sharply, Gulf mostly gains

The Abu Dhabi stock market rose sharply on Tuesday on the back of banks, enjoying its biggest one-day gain in two years

  

The Abu Dhabi stock market rose sharply on Tuesday on the back of banks, enjoying its biggest one-day gain in two years, while real estate stocks buoyed Dubai.

The United Arab Emirates markets did not trade for two days because of a national holiday. When they reopened, the Abu Dhabi index .ADI jumped 2.6 percent, with the emirate's largest lender, First Abu Dhabi Bank, adding 4.4 percent in low volume after sliding for three sessions.

Tuesday is the bank's first trading day after its weighting in MSCI's emerging markets index doubled, and some passive funds linked to the index may have entered the stock on Tuesday. Meanwhile, Abu Dhabi Commercial Bank added 2.3 percent.

In Dubai, the index snapped a six-day losing streak to rise 1.0 percent in its best one-day gain since Oct. 31.

Dubai's largest listed developer, Emaar Properties, climbed 3.1 percent while its biggest bank, Emirates NBD, gained 1.2 percent.

Saudi Arabia's index inched down 0.2 percent with its largest lender National Commercial Bank losing 0.7 percent and Alinma Bank shedding 1.2 percent.

But Saudi Real Estate Co gained 3.9 percent after regulatory approval for its unit Al Wedyan Saudi Real Estate to raise its capital to 2.85 billion riyals ($760 million).

Southern Province Cement rose 1.5 percent after it signed a contract to sell 20,000 tonnes of Portland cement material to war-ravaged Yemen, where Saudi Arabia has begun working on infrastructure projects in areas it controls.

Qatar's index was flat after rising 1.3 percent in the last session.

The Oman index added 1.4 percent as Bank Muscat rose 3.7 percent and Oman International Development and Investment Co gained 7.7 percent.

(Reporting by Shakeel Ahmad and Abinaya Vijayaraghavan in Bengaluru; Editing by Andrew Torchia) ((abinaya.vijayaraghavan@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 6749 2733; Reuters Messaging: abinaya.vijayaraghavan.thomsonreuters.com@reuters.net))


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