ADX leads gains in the region

Abu Dhabi stocks rebounded, leading gains across the Arabian Gulf region.

The Abu Dhabi Securities Exchange General Index had its best day in more than seven weeks, closing up 1.2 per cent at 4,478.81. However, the index closed down 0.8 per cent for the week, its fourth straight weekly negative close.

Heavyweight stocks First Abu Dhabi Bank and Etisalat led daily gains, rising by 1.4 and 1.7 per cent respectively, partially rebounding from sell-offs late on Wednesday.

Dana Gas shares continued to rally in the wake of the company’s US$26.5 billion lawsuit against the Kurdistan Regional Government, closing up 7.3 per cent at 44 fils.

Invest Bank, which led gainers in Abu Dhabi on Wednesday, closed down 5.6 per cent at Dh2.35, as investors booked profits.

Shares in Dubai registered minor gains. The Dubai Fin­ancial Market General Index closed up 0.4 per cent at 3,351.73 as Emaar Properties and Emaar Malls regained from Wednesday’s losses. For the week the index closed up 0.7 per cent, its best weekly showing since April.

Damac Properties trimmed Wednesday’s gains on the stock’s first day of inclusion in MSCI’s UAE Index, closing 3 per cent lower at Dh2.90.

Aramex, which was also included in the index from yesterday, fell 2.2 per cent to Dh4.99.

In Saudi Arabia, the Tadawul closed 0.1 per cent lower on the last day of trading before the introduction of lower minimum price incremental movements, or ticks, for listed stocks. Gains by Savola and Saudi Kayan Petrochemical were cancelled out by falls by Jabal Omar Development and Banque Saudi Fransi.

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