Shares in the Arabian Gulf continued their upward trajectory on Wednesday on the back of firmer oil prices.
Abu Dhabi stocks led gains across the region for the second consecutive day, as appetite for shares in First Abu Dhabi Bank (ticker: NBAD) remained healthy.
Brent crude futures rose by as much as 1.4 per cent to just under US$55 per barrel on Wednesday afternoon, ahead of the release of US government data that is expected to confirm lower stockpiles.
The rise in oil prices for a third straight day lifted stocks in Saudi Arabia, with the Tadawul index closing up 0.9 per cent at 7,050.91, at its highest level in six weeks.
Sabic was among the main gainers, the petrochemical giant’s shares ending 1.4 per cent higher.
The Abu Dhabi Securities Exchange General Index was among the best performing indexes worldwide for a second straight day, closing up 2 per cent at 4,640.74, with First Abu Dhabi Bank again providing the catalyst.
The bank’s shares rose a further 4.1 per cent to Dh11.35, on one of the stock’s busiest ever trading days, as foreign investors placed bets on large inflows into the stock following its inclusion on Wednesday in FTSE’s Emerging Markets Index. Shares in First Abu Dhabi Bank have risen nearly 11 per cent since the merger of FGB and NBAD was completed on Sunday.
The Dubai Financial Market General Index closed up nearly 0.4 per cent at 3,573.25, the index’s highest level in a month. DIB and Emaar Properties led big-name gains, rising 1.2 per cent and 0.8 per cent, respectively.
Shares in du weighed down the index, closing 4.5 per cent lower at Dh1.29.

Source: The National