Abu Dhabi stocks rise most in Mideast boosted by FAB

Dubai, Nov 15: Abu Dhabi's main equities index rose the most in the Middle East, boosted by gains in the United Arab Emirate's biggest lender as investors in the region extend a rotation from cyclicals to value. The ADX General Index gained as much as 1.4%, with First Abu Dhabi Bank PJSC climbing as much as 3.4% to the highest price since early March. The bank has a weight of near 40% in the index. Benchmarks in Dubai, Saudi Arabia and Oman also rose, while those in Kuwait, Bahrain and Qatar fell. FAB's outperformance could be linked to "a cyclical/value recovery post the vaccine news, with much more news on a vaccine to come," according to Divye Arora, a portfolio manager at Daman Investments in Dubai.

— Gulf News