[ad_1]
The Abu Dhabi stock exchange rose sharply on Thursday to its highest level in more than 13 years, bolstered in part by the shares of Abu Dhabi's first bank, the largest bank in the United Arab Emirates, which made gains this week after the bank has obtained regulatory approval to raise the foreign participation ceiling on its shares.
The Abu Dhabi benchmark index rose 1.1 percent, the highest level since December 2005, with the first increase of 1.5 percent, and stocks jumped nearly 9 percent this week after Abu Dhabi First regulatory approval to increase its foreign participation limit to 40 percent. Percentage of 25 percent.
"Abu Dhabi may be suffering a significant inflow of about $ 620 million if the foreign debt ceiling rises to 40 percent before the last 10 trading sessions in April," Arqaam Capital said in a statement.
Dana Gas gained 1.9 percent after shareholders approved a share repurchase program of up to 10 percent of the company's capital and raised capital to 6.99 billion dirhams, or 1.90 billion dollars, from 6.97 billion of rials.
Aldar Properties rose 3.3 percent after the Abu Dhabi emirate announced that it would allow all foreigners to own and dispose of real estate and land in investment areas after the real estate law was changed.
In the past, Abu Dhabi was largely limited to citizens of the United Arab Emirates and GCC citizens.
Saudi Arabia's main index fell 0.5%, with 10 banks below the 12 listed banks. Al Rajhi Bank fell 0.8%, while Saudi Basic Industries Corp (SABIC), the Middle East's largest petrochemical producer, fell 1.1%.
Saudi Arabia Mining Co fell 1 percent.
Arqaam Capital began its Maize Coverage with a recommendation for sale and a target price of SAR 44.
The Qatar index rose 0.4%, with Qatar Islamic Bank up 2.3% and Commercial Bank of Qatar up 2.4%.
Banks posted an increase of 9.6% and 6.5%, respectively, in first-quarter net income.
The Qatar National Bank (QNB), the largest bank in the Middle East, rose 1.1 percent and the bank said it issued Formosa bonds amounting to $ 850 million in trying to diversify funding sources.
The Dubai index closed, with Commercial Bank of Dubai up 2.6 percent, after first-quarter net profit rose more than 21 percent. Aramex, however, fell 1.4 percent when it began trading without dividend rights.
Egypt's main share index gained 0.1%, with Egypt-Kuwait Investment Holding gaining 3.4%.
In Kuwait, the benchmark index rose 1.1%, with the National Bank of Kuwait up 1.2%. Earlier this week, the bank announced a 15.1% increase in first-quarter profit, driven by higher net interest income and lower provisions for devaluation, surpassing analysts' expectations.
Following are the closing levels of the indices of the Arab stock markets today:
Saudi Arabia. The index fell 0.5 percent to 9197 points.
ABU DHABI – The index rose 1.1 percent to 5,292 points.
The index was 2,814 points.
Qatar: The index rose 0.4 percent to 10,348 points.
Egypt. The index rose 0.1 percent to 14876 points.
Bahrain: The index rose 0.1 percent to 1,446 points.
Oman: The index rose 0.1 percent to 3,980 points.
KUWAIT: The index rose 1.1 percent to 6245 points.
[ad_2]
Source link