Gulf stocks edge higher; blue chips lift Abu Dhabi

Stock markets in the Gulf climbed on Tuesday, with Abu Dhabi outperforming regional peers helped by gains by blue chips.

Abu Dhabi’s general index rose 1.2 percent to 4,513 points as First Gulf Bank rose 1.6 percent to AED 13. The heavyweight lender is due to merge with National Bank of Abu Dhabi (NBAD) next week and the new entity will start trading from April 2.

NBAD shares rose nearly 2 percent to AED 10.5.

Aldar Properties gained 1.3 percent to AED 2.43, in active trade. The company is planning to invest AED 1.9 billion to develop new projects on Reem Island and Yas Island in Abu Dhabi as part of its plans to boost recurring revenue.

Dubai’s main index climbed 0.5 percent to 3,495 points. Volumes remained weak at AED 298 million and the advance-decline ratio was 22-5. Emaar Properties gained 0.7 percent to AED 7.35 and telecom firm du rose 1.5 percent to AED 6.09.

Emirates NBD was the top decliner, falling 3.5 percent to AED 8.2.

Elsewhere, Qatar’s QE index rose 0.8 percent to 10,486 points. Qatar National Bank reversed it early losses to close up 0.1 percent to QAR 147.

Kuwait’s price index added 0.2 percent. Bahrain and Oman settled with losses.

Saudi Arabia’s Tadawul All Share Index (TASI) was last trading down 0.5 percent.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com