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.
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.
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%.