Markets Update: ADCB rises as the Abu Dhabi lender proceeds with the auction of its stake in Malaysian's RHB.
Malaysia auction pushes Abu Dhabi's ADCB to 31-month high
Abu Dhabi Commercial Bank rose to its 31-month high, as it proceeds with the auction of its stake in Malaysian bank RHB.
Shares rose 2.7 per cent to its highest level since October 2008 after sources said it won't let planned bids by Malaysian lenders Maybank and CIMB to merge with RHB derail its auction.
ADCB is selling its 25 per cent stake in RHB and an earlier auction had drawn interest from Japan's Sumitomo Mitsui Financial Group (SMFG) and Carlyle, according to sources.
The Abu Dhabi Securities Exchange General Index rose 0.2 per cent to 2672 points.
In Dubai, a Kuwait-based investment bank was the top traded stock this morning. Gulf Finance House surged 7.8 per cent higher to Dh1.65 a share.
The Dubai Financial Market General Index was up 0.1 per cent to 1569.56 points.
Elsewhere in the region, Kuwait's measure rose 0.2 per cent to 6307.00. Bahrain's index lost 0.5 per cent to 1329.69. Oman's measure was unchanged at 6044.84. Qatar's benchmark added 0.2 per cent to 8180.09. The Saudi Tadawul All-Share Index was unchanged at 6626.94.