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First Abu Dhabi Bank shares surge on Foreign Ownership Limit news.

Summary: FAB in April had raised its foreign ownership limit to 40 per cent from 25 per cent

Dubai: First Abu Dhabi Bank shares led the surge in banking counter on the Abu Dhabi Securities Exchange, which jumped more than 2 per cent, after the bank proposed a hike in its foreign ownership limit (FOL).

FAB in April had raised its foreign ownership limit to 40 per cent from 25 per cent. The discussion around ownership limits came as the bank also announced its profits for the second quarter, which reached Dh3.22 billion.

FAB shares jumped 3.47 per cent to trade at Dh15.52. Other banks such as Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank also rose.

The Abu Dhabi Securities Exchange general index rose 2.32 per cent to 5,198.53. The Dubai Financial Market general index was 1 per cent higher at 2,741.26.

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Publication:Gulf News (United Arab Emirates)
Geographic Code:7UNIT
Date:Jul 18, 2019
Words:168
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