Mideast stocks show mixed trend at opening

Published: April 14, 2019 20:22:33 | Updated: April 17, 2019 14:55:00

Mideast stocks showed mixed trend at opening session on Sunday, the first trading day of the week, while Abu Dhabi stocks climbed over 2.0 per cent.

Abu Dhabi stocks rallied as First Abu Dhabi Bank (FAB) surged to a more than two-month high after it obtained regulatory approval to increase its foreign ownership limit.

Foreigners will be allowed to own as much as 40 per cent of FAB stock from a previous limit of 25 per cent, lifting FAB shares by as much as 4.6 per cent.

At 0712 GMT, FAB shares were trading at 15.52 dirhams ($4.23), their highest level since early February, reports Reuters.

Dubai shares were flat on weakness in Emaar Properties, but shares of Emirates NBD were up 1.3 per cent.

Saudi stocks made a lacklustre start to the week due to weakness in financial stocks amid profit taking after robust gains in the Gulf region’s biggest stock market this year.

The index was trading 0.2 per cent lower with National Commercial Bank down 0.9 percent and Riyad Bank down almost 1.0 per cent.

The index is still up 16 per cent so far this year, fuelled by an increase in foreign fund flows as it entered the FTSE Russell’s emerging-market index on March 18.

Qatari stocks were down 0.5 per cent, weighed down by a 0.7 per cent drop in market heavyweight Industries Qatar and a 1.4 per cent drop in Qatar Insurance Co.

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