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Abu Dhabi shares rise 0.62% on optimism about Q3 financials

Abu Dhabi shares rise 0.62% on optimism about Q3 financials
Abu Dhabi’s bourse closed in the green for the third straight session, with the benchmark rising 0.62% or 29.77 points to end Thursday at 4829.83 pts.
Thursday’s rally came despite the Saudi markets’ drop in early trading and the collective decline in the U.S. markets on Wednesday as Canada's capital was jolted by the fatal shooting of a soldier and an attack on the parliament building.
A total of 110 million shares changed hands through 2060 trades at a total value of AED 243.2 million.
Gamal Agag, general manager of Al Sharhan Centre, said positive sentiment prevailed today in the markets despite the losses incurred by the U.S. and European markets yesterday. He added that the market is moving in an upward trend, helped by optimism about the corporate financial results.
The rally seen by some banks also gave a boost to the local markets, Aagag noted.
He also said that the markets are likely to continue rising in the next period and to see strong corrections.
The index got a boost from the banking sector which rose 1.07%, boosted by Union National Bank which added 2.29% and Abu Dhabi Islamic Bank (+2.29%).
The real estate also rose 0.35%, helped by Aldar which edged up 0.62%. However, Eshraq declined 2.70% after the company announced that Oct. 28 is the end date for participating in its capital increase.
(Written by Bedour Al Raai, Translated by Abdul Maguid Aboshahla)