Markets Update: ADCB rises ahead of board meeting to discuss bidders for its 25 per cent in Malaysia's RHB Capital - with video.
Abu Dhabi traders look to ADCB ahead of key board meeting
Abu Dhabi Commercial Bank increased the most since May 2, as investors built positions ahead of a board meeting tomorrow to assess bidders for its 25 per cent stake in Malaysia's RHB Capital.
Shares rose 2.8 per cent to Dh2.79 a share at 10am on the Abu Dhabi bourse.
"Abu Dhabi banks are retaining interest from foreigners, with ADCB having the most exposure to normalisation of credit conditions," said Anastasios Dalgiannakis, a trader at Mubasher Financial Services in Dubai.
The country's Central Bank Governor Sultan bin Nasser Al-Suwaidi yesterday asked banks to lower interest rates to help businesses.
The Abu Dhabi Securities Exchange General Index was up 0.2 per cent to 2613.75 points, while the Dubai Financial Market General Index was unchanged at 1546.17 points on thin trading.
Elsewhere in the region, Kuwait's measure added 0.1 per cent to 6364.20. Bahrain's index added 0.1 per cent to 1353.19. Oman's measure gained 0.3 per cent to 5972.23. Qatar's benchmark lost 0.1 per cent to 8365.58. The Saudi Tadawul All-Share Index was unchanged at 6754.82.