National Central Cooling Co. advanced on the highest volume in more than two months, extending a rally since the supplier of air-conditioning systems reported a 30 percent increase in first-quarter profit.
Abu Dhabi’s benchmark stock index climbed the most since 2009 as National Bank of Abu Dhabi PJSC surged to a seven-year high after profit beat estimates and Etisalat planned a bid for Vivendi SA’s Maroc Telecom stake.
Dubai’s DFM General Index gains 1% to 1,975.79 at the close in the emirate as 10 stocks rise, 8 fall and 13 are unchanged. Index up 5.1% in 5 days, best weekly performance since January. Abu Dhabi ADX General Index +0.3%; Oman’s gauge +0.4%.
Saudi Arabia’s shares declined the most in almost a month as oil prices traded below $80 a barrel, raising investor concern that the world’s top oil exporter may reduce the size of a $500 billion government stimulus.
Abu Dhabi Commercial Bank , the United Arab Emirates’ third-biggest bank, rose to the highest in a month on speculation it may decide on a bidder for its 25 percent stake in Malaysian bank RHB Capital Bhd. today.
National Central Cooling Co. headed for the biggest drop in almost 10 months on concern minority shareholders may have their positions diluted by a dividend payout to Abu Dhabi’s Mubadala Development Co.