UAE stocks up for the fourth day.
Dubai: UAE indices gained yesterday for the fourth straight session, as investors waited for better results.
Saudi Arabia's strong showing and rebound in oil prices in the past few days continued to have a positive effect on the markets here.
"I think the rebound in the oil prices in the past week has been a plus," said Amro Diab, head of GCC institutional sales, EFG-Hermes.
"Also, with First Gulf Bank results exceeding all expectations, investors are waiting for other companies to come out with theirs.
"If the results looked a bit positive, you might see the gains extending to next week. Investors have factored in negative results but I think companies have been over-penalized with the investors' expectations."
First Gulf Bank reported on Tuesday an eight per cent rise in quarterly profit, pushing its shares up 2.43 per cent to Dh7.58. "We expect a very positive impact on the stock that might also extend to a wider range of UAE banking stocks, ING Investment Management said in a note to clients.
In a separate note, UBS said on FGB after results were announced, that it "showed no chinks in the armour" and kept its "neutral" rating on the stock.
The markets were waiting for Aldar Properties to announce its results later in the day yesterday.
The Abu Dhabi Securities Exchange Index advanced 1.54 per cent, extending the week's gain to 5.8 per cent.
The Dubai Financial Market General Index rose a marginal 0.24 per cent to close at 1,536.43.
Banking stocks were among the major gainers, with Bank of Sharjah closing 9.71 per cent higher to Dh1.13; Abu Dhabi Islamic Bank jumping 6.34 per cent; National Bank of Abu Dhabi climbing 2.39 per cent to Dh8.57 and Ajman Bank gaining 2.53 per cent to Dh0.81.
In the real estate sector, Aldar Properties, Sorouh Real Estate and Emaar Properties, ended positively with gains of 4.15 per cent, 7.94 per cent and one per cent respectively.
Dana Gas, after it announced on Tuesday to explore 1,000 square kilometres of the western offshore concession in Sharjah, rose 1.82 per cent to close at Dh0.56. etisalat was up 1.91 per cent to Dh10.15.
- With inputs from agencies
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