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Abu Dhabi market jumps 3.5% with the support of the banking sector, and Dubai falls back


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– The stock market in Abu Dhabi closed higher on Sunday, supported by shares of First Abu Dhabi Bank, the largest UAE bank, on expectations that a planned review of the MSCI emerging market index will increase the bank’s weight on it, which will spark foreign flows.

Abu Dhabi’s index jumped 3.5 percent, its biggest gain since mid-January, with First Abu Dhabi’s stock rising more than ten percent.

“The bank has received great attention since it completed its acquisition of Bank Audi Egypt,” said Mohamed Ibrahim, Regional Director at Exness.

But Dubai’s main index fell 1.2%, ending a four-session winning streak.

Emirates NBD Bank fell 2%, while the leading shareholder Emaar Properties lost 2.5%.

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