The Abu Dhabi Securities Exchange index hit its highest level in a year due to continued buying in First Abu Dhabi Bank.
The index reached its highest level in 52 weeks at 4,895.10, just 100 points shy of the psychological-level of 5,000.
The index closed 1.61 per cent higher at 4,883.54.
“The support of 4,750 should hold strong. The index may extend gains towards the given target zone at 5,000,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said.
First Abu Dhabi Bank closed 3.32 per cent higher at Dh14.
Other banking stocks like Abu Dhabi Commercial Bank and Sharjah Islamic Bank also closed marginally higher.
The Dubai Financial Market general index, which has been underperforming the Abu Dhabi index, closed flat 2,977.78.
The Abu Dhabi index has gained 11 per cent so far in the year, compared to 11 per cent loss on the Dubai index.
Saudi Arabia’s Tadawul index has gained 13 per cent since January 1.
On Monday, Tadawul index closed 0.15 per cent lower to 8,230.13, despite Saudi Arabia’s latest move to freeze all new trade and investment relations with Canada.
Source: Gulf News