UAE: Banking sector drives financial markets after positive profits

The Abu Dhabi Stock Exchange closed 0.773% higher on Thursday, with the DFM reaching a one-year high, driven by strong advances in the banking sector as a result of excellent results reports.

The country's primary lender, FAB, which closed at AED13.880, 3.270% higher, was the driving force behind the capital's Index FADGI. Following suit and closing up 10.580%, 7.070%, and 2.530%, respectively, were the United Arab Bank, National Bank of Ras Al Khaimah, and Abu Dhabi Islamic Bank. ADNOC Drilling maintained its top efficiency and closed 1.720% higher at AED4.140.

The main index in Dubai closed at 3,515.910 points, with the Financials and Industrials indices topping the market, with Emirates NBD being the highest performance and finishing 3.730% higher at AED13.900.