Markets Update: Adib surges the most in three months on $500 million sukuk sale.
Abu Dhabi Islamic Bank up on sale roadshow
Abu Dhabi Islamic Bank (Adib) rose the most in three months, as the country's second-biggest Sharia-compliant lender proceeded with its roadshow to sell a $500 million five-year sukuk.
Adib's shares rose 1.2 per cent to Dh3.18 a piece on the Abu Dhabi Securities Exchange (ADX) yesterday. The stock rose as much as 1.6 per cent during the trading session.
Citigroup, HSBC Holdings, Standard Chartered, Nomura and National Bank of Abu Dhabi are arranging the sale, Bloomberg News reported on Tuesday.
The country's broader market declined amid a lack of investor appetite as volumes hit multi-year lows the day earlier. The ADX General Index closed 0.4 per cent lower to 2,430.03.
The Dubai Financial Market General Index closed 0.3 per cent lower to 1,347.07, with traded value reaching Dh30 million, likely to be the lowest since at least 2004.
"The global environment is risk-averse at the moment where investors are looking to fixed income or dividend paying stocks. There is money in the market, it's just not in equities at the moment," said Hassan El Salah, the head of institutional trading at Al Ramz Securities in Abu Dhabi.
Elsewhere in the region: Kuwait's index was little changed at 5,798.20; Bahrain's measure lost 0.5 per cent to 1,161.34; Oman's MSM 30 Index was flat at 5,419.22; Qatar's QE Index lost 0.3 per cent to 8,575.78. The Saudi Tadawul All-Share Index was down 0.2 per cent to 6,086.10.