Abu Dhabi index hits peak

Gains in energy and banking stocks lifted the Abu Dhabi index to its highest level in almost three years, while financial stocks lifted Kuwaiti shares, as the two markets led gains across most Gulf exchanges yesterday.

The Abu Dhabi index ended 1.6 percent higher at 4,884 points, the highest mark since late July 2015. The Abu Dhabi National Energy Co (TAQA) surged 4.2 percent and First Abu Dhabi Bank (FAB) rose 3.3 percent.

TAQA was partly helped by oil prices, which rose on Monday after Saudi crude production unexpectedly fell in July and U.S. drilling appeared to slow, although the price is still almost 10 percent below its 2018 high of more than $80 a barrel.