Emirates NBD gains drive Dubai index nearly 5% higher

Dubai: The Dubai bourse’s main index jumped nearly 5 per cent on Monday, as trade values also rose, after Emirates NBD increased its foreign ownership limit to 20 per cent from 5 per cent.

The Dubai Financial Market (DFM) index closed 4.77 per cent higher, at 2,889.81, led by gains in Emirates NBD’s share prices, which climbed 14.85 per cent to end at Dh13.15.

Trade values rose to Dh634.3 million on the bourse, with over 51 per cent of that on Emirates NBD’s shares.

The gains came as Dubai’s biggest bank said it has implemented an immediate increase in foreign ownership, and that it plans to raise that further to 40 per cent.

Emirates NBD said it will seek approvals from shareholders and regulators for the additional increase in foreign ownership.

In Abu Dhabi, the main index went up 0.68 per cent to close at 5,156.01, with banking stocks Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank leading the gains.

ADCB rose 4.3 per cent while ADIB went up 1.99 per cent.