Abu Dhabi Bourse climbs to multi-year high, other gulf stocks mostly weak

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Abu Dhabi Bourse climbs to multi-year high, other gulf stocks mostly weak

On Sunday, the 14th of April 2019, the Abu Dhabi Stock market had wrapped up the day 2.4 percent higher, remarking its highest level in four and a half years, following reveal of the news that the first bank's stock of Abu Dhabi had obtained regulatory approval to raise their foreign ownership capital.

According to the regulatory filing released on Sunday (April 14th), foreign investors would now be allowed to own up to 40 percent stakes of Abu Dhabi’s first bank, up from previous 25 percent. As beforementioned, the shares of First bank jumped more than 5 percent followed by the reveal of the news.

Elsewhere in Gulf, the stock markets were remained mostly weak in the face of a growing weakness in financial and real estate sectors and an increasing uncertainty over the energy price issues. Dubai ended the day flatlined, while its Emaar Properties fell by 1.2 percent, and Saudi Arabia main stock index was drooled by 0.4 percent, largely led by the losses of Samba Financial group and Al Rajhi Bank, which had rounded off the day down by 1.3 and 0.6 percent respectively.

Never the less, Saudi bourse had gained more than 16 percent since the beginning of the year, mostly buoyed by a surge in foreign capital flows following its enrollment on FTSE Russel Emerging market index. Qatar and Egypt, both fell by 0.2 percent, and Kuwait stock index remained dithered for most part of the day before closing the day down by 0.1 percent, while Bahrain’s stock market had been hovering higher as it had been over the recent pasts, posting a gain of 0.5 percent to 1,445 points.