Positive second-quarter earnings in Abu Dhabi increased confidence in local stocks, boosting shares in the United Arab Emirates to , which lead gains in the Gulf markets on Monday. Saudi Arabia's Tadawul All Share Index recovered to close higher by 0.23 percent to 6,131.30. Saudi Arabia's Tadawul All Share Index rose 0.2 percent to 6,131.30, after earlier falling as much as 0.8 percent. Savola Azizia United Co. slid 2.3 percent to 34.6 riyals, the lowest in two weeks. The Saudi food producer said second-quarter profit declined 2.3 percent to SR207.7 million ($55.4 million) as capital gains in the year-ago period weren't repeated. Oman's MSM 30 Index and Kuwait's gauge added 0.1 percent. Bahrain's index rose 0.2 percent and the QE Index in Qatar increased 0.2 percent. Abu Dhabi's benchmark advanced 0.3 percent to 2,534.29, the highest level since June 28, and Dubai's DFM General Index climbed 0.7 percent. Volume on the measure was 44 percent below its three-month average. “Regional markets are marginally higher” than global markets today “as some slightly better earnings numbers are compensating for low summer trading volumes,” said Mark Friedenthal, a fund manager at Abu Dhabi Commercial Bank PJSC. UAE earnings are helping to set a positive tone for the period following a year that forced some of the country's biggest banks and developers to post losses. Abu Dhabi Islamic Bank's profit gain follows a 9.3 percent increase in first- quarter profit and a loss of AED623.3 million ($170 million) in the fourth-quarter. Abu Dhabi Islamic Bank advanced 2.5 percent, the biggest gain since April 29, to AED2.49. Net income rose to AED301.6 million from AED193.4 million a year earlier as it set aside less money to cover bad loans. Abu Dhabi Islamic Bank rose the most in almost three months after second-quarter profit jumped 56 percent. Emirates NBD PJSC advanced the most since April. AAabar Investments PJSC climbed the most this year after agreeing on Sunday to increase an offer to shareholders by 34 percent as it seeks to delist.
