Abu Dhabi Stocks Touch 5-Month High on Earnings Optimism

Abu Dhabi’s benchmark stock index advanced to the highest level in more than five months after banks in the emirate reported improved quarterly earnings, boosting investor confidence. Dubai shares also rallied.

First Gulf Bank PJSC, the United Arab Emirates lender that reported better-than-expected profit last month, jumped 2.6 percent. Abu Dhabi Commercial Bank PJSC, the U.A.E.’s third-largest lender, surged to the highest since July. Abu Dhabi’s ADX General Index rose 0.7 percent to 2,593.22, the highest since Sept. 11 and the eighth day of gains, at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index gained 0.3 percent and Dubai’s DFM General Index soared 2.7 percent to 1,698.22, the highest since December 2010.