AED 7.5 billion gains in UAE stocks supported by a possible bank merger

MEDIA, Abu Dhabi, September 4, 2018 (WAM)

 The market value of UAE capital markets gained AED 7.5 billion during today’s session by supporting preliminary negotiations for a possible new merger between three banks including Abu Dhabi Commercial Bank, National Union and Al Hilal Bank. The shares of Abu Dhabi Commercial Bank and Union National Bank listed on the capital market jumped almost daily, with the first closing at AED 8 and AED 4.34 after strong buying by institutional investors and shareholders. As for today, the Abu Dhabi Securities Market Index rose by 0.94% to close at 4983 points, while the general index of the Dubai Financial Market increased by 0.27% to close at 2837 points. Market analysts said the possible merger between the three banks had a positive impact on trading, particularly in the capital market, after heavy buying on banks ‘stocks. The banks’ stock prices will continue to improve in the coming days as purchases continue. In terms of liquidity movement, the value of transactions in the markets of Abu Dhabi and Dubai Financials about 292 million dirhams and the number of shares traded 163 million shares carried out through 2785 transactions