The Abu Dhabi Securities Market Index closed at its highest level in two years, adding 1.8 per cent to reach the 5,000 mark on Sunday.
Financials led the way as UAE shares gained after Goldman Sachs Group Inc. recommended investors to purchases shares of First Gulf Bank and United Arab Bank.
The Dubai Financial Market General Index also rose 2.3 per cent, bringing a four-day gain to 5.3 per cent.
A senior broker at Shaheen Financial Brokers told Bloomberg: “There is a return of foreign investors as shares in the UAE trade at attractive prices. Strong earnings and stock coverage are helping the positive sentiment.”
Abu Dhabi based lender, First Gulf Bank leaped from 5.3 per cent to Dh22.9, while Union National Bank saw a 5 per cent increase to Dh8.4, its highest close since January 16.
Goldman Sachs initiated coverage of both banks by giving both “buy” recommendations.
Sharjah Islamic Bank also climbed 3.4 per cent to Dh3.05, mounting for a third day. The UAE's third-biggest Shariah-compliant lender by market value said first-quarter net income rose 55 per cent to Dh79.4 million on loans, fees and income from its units.
Financials led the way as UAE shares gained after Goldman Sachs Group Inc. recommended investors to purchases shares of First Gulf Bank and United Arab Bank.
The Dubai Financial Market General Index also rose 2.3 per cent, bringing a four-day gain to 5.3 per cent.
A senior broker at Shaheen Financial Brokers told Bloomberg: “There is a return of foreign investors as shares in the UAE trade at attractive prices. Strong earnings and stock coverage are helping the positive sentiment.”
Abu Dhabi based lender, First Gulf Bank leaped from 5.3 per cent to Dh22.9, while Union National Bank saw a 5 per cent increase to Dh8.4, its highest close since January 16.
Goldman Sachs initiated coverage of both banks by giving both “buy” recommendations.
Sharjah Islamic Bank also climbed 3.4 per cent to Dh3.05, mounting for a third day. The UAE's third-biggest Shariah-compliant lender by market value said first-quarter net income rose 55 per cent to Dh79.4 million on loans, fees and income from its units.
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