Abu Dhabi's FAB Surges As It Seeks To Raise Foreign Ownership

First Abu Dhabi Bank jumped on optimism the lender will follow peers and raise the foreign-ownership limit in its stock.

The shares climbed as much as 5.8 percent to 15.6 dirhams at the open in Abu Dhabi, the biggest increase since April 2017.

The ADX General Index added 2.5 percent. The UAE's biggest lender aims to raise the cap to 40 percent from 25 percent, it said last week.

Shareholders still need to approve the change in a meeting on February 25. Investors from abroad held about 12 percent of FAB shares as of the end of last month, according to information on the stock exchange’s website.

Dubai-based Emirates NBD previously announced plans to quadruple the limit for foreigner to 40 percent.