First Abu Dhabi Bank's Foreign-ownership Change Lifts Abu Dhabi Stocks

Monday April 15, 2019.

First Abu Dhabi Bank's raised cap for foreigners could trigger passive inflows of about $730 million from investors

First Abu Dhabi Bank's foreign-ownership change lifts Abu Dhabi stocks

First Abu Dhabi Bank shares advanced 5 percent, the most in a month.

Stocks in Abu Dhabi reached their highest since September 2014 after the main gauge’s largest constituent implemented a decision to raise its foreign ownership limit.

First Abu Dhabi Bank shares advanced 5 percent, the most in a month.

The raised cap for foreigners could trigger passive inflows of about $730 million from investors tracking MSCI and FTSE Russell benchmarks by June, according to estimates by Mohamad Al Hajj, an equities strategist at EFG-Hermes in Dubai.

“FAB’s weight in the MSCI Emerging Markets index will increase from about 21 basis points to 32 basis points, putting it in the Top 15 banks in EM by weight, from number 33 currently,” he wrote.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.

First Abu Dhabi Bank's Foreign-ownership Change Lifts Abu Dhabi Stocks

Emicool Secures First-ever Green Financing To Boost Sustainable Growth

UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading

Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year

UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework

PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai

New Board Certifies DMCC Tradeflow As Fully Shariah Compliant

navigation

media coverage

follow us