Banks lead the charge in Abu Dhabi trading

Gains in banking and finance stocks helped to offset weakness from insurers in Abu Dhabi, which closed the week on a positive note.

The benchmark Abu Dhabi Securities Market General Index rose 0.6 per cent to 4,596.39. The day’s top gainer was Invest Bank, which surged by 11.11 per cent to Dh2.30, followed by Abu Dhabi National Company for Building Material’s 8.3 per cent gain to 65 fils and National Takaful Company’s 6.4 per cent increase to 67 fils.

Insurance providers Abu Dhabi National Insurance Company and Al Khazna Insurance led the decliners, with losses of 9.6 per cent and 4.4 per cent, respectively.

The Dubai Financial Market General Index fell 1 per cent, stretching its losses to four consecutive sessions.

The index was weighed down by Dubai Islamic Bank’s 9.3 per cent decline to Dh5.59. It was followed by DXB Entertainments, which shed 3.8 per cent to Dh1.02. To attract visitors, Dubai Parks and Resorts cut ticket prices this month for UAE residents.

On the DFM, the best performers were National Cement, which rose by 6.9 per cent to Dh3.10 and Air Arabia, which closed 3.3 per cent higher at Dh1.26.

Saudi’s Tadawul index closed up 0.6 per cent at 7,016.66.

Meanwhile, oil prices fell after US crude stocks hit an all-time high and official data showed Russian output unchanged in February, with no further cuts to tighten the market and drain global oversupply.

Benchmark Brent crude oil was down 50 cents a barrel at US$55.85 in afternoon trading UAE time.

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