August 8, 2018 / 9:01 AM / a month ago

MIDEAST STOCKS-Abu Dhabi stocks near four-year high

DUBAI, Aug 8 (Reuters) - Abu Dhabi’s market hovered around a four-year high on Wednesday, bolstered by banks shares, while Saudi Arabia’s market was more subdued.

Abu Dhabi’s index was up 0.5 percent, after hitting its highest level since late 2014 earlier in trading. First Abu Dhabi Bank rose 1.1 percent and Union National Bank 1.9 percent.

Investor sentiment has been boosted by a recovery in oil prices and an announcement by Abu Dhabi in June of a 50 billion- dirham ($13.6 billion) plan to revitalise the economy.

The Saudi index rose 0.1 percent. Samba Financial Group gained 1.4 percent; Alinma Bank was up 1.3 percent.

Dubai’s index was weighed down by Emaar Properties , which fell by 1.3 percent. The stock is down 18 percent so far this year.

Emirates NBD, the largest bank in Dubai, was down by 0.5 percent.

Drake & Scull was down by 9.9 percent. The company has been lagging because of concerns about its financial position, business outlook and the outcome of an investigation by United Arab Emirates authorities into financial violations by previous management.

Qatar’s index fell by 0.3 percent, with Industries Qatar, the Middle East’s second-biggest petrochemicals firm, dipping by 0.8 percent.

$1 = 3.6728 UAE dirham Reporting by Tom Arnold, editing by Larry King

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