Abu Dhabi Stock Market Tilted Up after NBAD / FGB Merger
Dubai Forex Brokers
May 15, 2017
ABU DHABI, 14th May, 2017 (WAM)–AED 2 billion worth of transactions were conducted over NBAD ‘s share through 30 sessions since the merger of the First Gulf Bank and National Bank of Abu Dhabi that created the Middle East region’s largest banking entity under the name First Abu Dhabi Bank, FAB With 1.3 million shares owned by foreigners, the increased trading over the recent period rendered NBAD the Abu Dhabi Securities Exchange’s top performer, increasing by 9.8 percent from AED 10.25 to AED 11.30 at the close of Sunday session, bringing its total market value to AED 122.6billion, an increase of AED 10.9billion over its value of AED 111.70billion 30 sessions ago. NBAD foreign stockholders grew by 11.23 percent with a total of 1.3 billion shares worth AED 13 billion according to Sunday’s closing data. Non-Arab foreigners accounted for 9.21 percent amounting to one billion shares out of the bank’s total capital of AED 10.89, with the rest of the shares distributed among Arab and Gulf shareholders. Market brokers expect foreigner ownership of NBAD share to increase over the coming period by virtue of foreign institutions that are running significant investment funds and find in the newly created share a lucrative investment environment after the merger process. NBAD share’s annual returns will be the best over the current year amidst expectations for high growth prospects following the reduction in operating costs as a result of the integration process, according to market analysts.
Source by Zawya