Gulf stocks edge higher; First Abu Dhabi Bank jumps

Stock markets in the Gulf were mainly positive on Sunday, with the newly-merged First Abu Dhabi Bank (ticker: NBAD) rising on its first day of trading as the new entity.

Abu Dhabi’s general index edged 0.1 percent higher to 4,450 points. Volumes were weak at AED 139 million.

First Abu Dhabi Bank – the merged version of National Bank of Abu Dhabi and First Gulf Bank – rose nearly 1.5 percent to AED 10.4. The new bank has capital of AED 10.9 billion, total assets exceeding AED 670 billion, shareholders’ equity of AED 98 billion and a market capitalization of around AED 111 billion, it said in a statement.

Energy firm TAQA surged 13 percent to AED 0.52. The company has decided to withhold dividends for the year, after it reported wider losses of the year. The company reported a net loss to AED 19 billion in 2016, as compared to a loss of AED 1.8 billion in 2015. The decline was attributed to post-tax impairment.

On the other hand, telecom firm Etisalat fell 1.4 percent to AED 17.8.

In Dubai, the main index rose 0.3 percent to 3,491 points. Union Properties was up 2.8 percent at AED 0.995, and Arabtec Holding gained 2.5 percent to AED 0.915.

Emaar Properties, meanwhile, fell 1.1 percent to AED 7.22. Earlier in the day, a fire was reported at Emaar’s under-construction project The Address Residence Fountain Views.

Elsewhere in the Gulf, Qatar’s QE index added 0.1 percent to 10,398 points. Saudi Arabia’s Tadawul All Share Index was last trading down 0.3 percent.

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