Markets

Oil price drives up UAE banking stocks

MARKETS UPDATE: Banking stocks in the UAE reversed yesterday's losses during the first part of the trading session today, buoyed by higher oil prices.

Hadeel al Sayegh

December 28, 2010

Higher oils prices buoyed UAE banking stock today as they reversed yesterday's losses during the morning trading session.

Abu Dhabi Commercial Bank gained 0.4 per cent to Dh2.06 at 11am. First Gulf Bank, Abu Dhabi's second biggest bank, added 0.8 per cent to Dh1.93, while Abu Dhabi Islamic Bank gained 0.3 per cent to Dh2.94 a share.

Listed banks in Abu Dhabi and Dubai fell yesterday after the central bank circular told local lenders to increase provisioning by as much as Dh1bn against potential exposure to the Saad and Al Gosaibi Groups of Saudi Arabia.

Emirates NBD gained 0.7 per cent to Dh2.77 a share.

The Abu Dhabi Securities Exchange General Index added 0.3 per cent to 2702.08, similarly the Dubai Financial Market General Index also gained 0.3 per cent to 1609.61.

Stocks were buoyed by higher oil prices. US crude futures for February were up 10 cents at $91.10 after hitting a peak of $91.88, the highest since October 2008.

Elsewhere in the region, Kuwait's measure remained flat at 6919.40. Bahrain's index gained 0.1 per cent to 1428.30. Oman's bourse gained half a per cent to 6753.62. Qatar's measure fell 0.1 per cent to 8720.61. The Saudi Tadawul All-Share Index lost 0.4 per cent to 6581.74.

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