Dubai: Shares of Emirates NBD, which has the third biggest weightage of 7.94 per cent on the Dubai index, jumped to its highest level in three weeks on Tuesday, triggering another near 1 per cent increase in the Dubai index.
Emirates NBD shares rose as much as Dh11, the level last seen in early May, before closing 8.41 per cent higher to Dh10.70. The Dubai Financial Market General Index closed 0.88 per cent higher to 2,973.10, after gaining nearly a per cent on Monday.
“It was all about the big banks. Emirates NBD closed the deal to acquire the Turkish bank at a reasonable valuation. This comforts investors that were concerned about the acquisition getting shelved & the consequent increase in foreign ownership limit,” Charles-Henry Monchau, Managing Director, chief investment officer and Head of Investment Management at Al Mal Capital said.
Emirates NBD was the actively traded stock on the DFM, contributing to 15 per cent of the total traded value of Dh303 million.
Gulf Finance House closed 0.67 per cent higher to Dh1.50. Dubai Entertainment closed 5.56 per cent higher to Dh0.399. Emaar Properties closed 0.19 per cent lower to Dh5.28.
The Abu Dhabi Securities Exchange general index closed 1.53 per cent higher to 4,526.61.
First Abu Dhabi Bank closed 3.07 per cent higher to Dh11.75. Taqa closed 2.46 per cent higher to Dh1.25.
Saudi Arabia’s Tadawul index closed 0.60 per cent higher to 8,044.67.
Saudi Basic Industries (SABIC) closed 3.42 per cent higher to 121 Saudi riyals.
“In Saudi, we see investors adding to SABIC, but also some re-alignment of the portfolio’s within the large caps from stocks that have done well to the ones that have underperformed,” Monchau said.
Elsewhere in the region, Qatar exchange index closed 0.55 per cent higher to 8,993.22. The Muscat MSM 30 index closed 0.36 per cent lower to 4,579.24. The Kuwait index closed 0.27 per cent lower to 4,752.83.
