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First Abu Dhabi Bank (FAB) witnessed an aggressive accumulation on Tuesday, lending support to the Abu Dhabi Securities Index (ADX) General Index and extending gains beyond their highest in almost four years.
About 10.71 million FAB shares worth Dh153 million changed hands, the highest since June 4, sending the stock 0.1 per cent higher to Dh14.35.
“Based on what I am seeing from ADX’s data, there has been an increase in foreign buying and it would be safe to say it is institutional,” Issam Kassabieh, senior financial analyst in the Research Department at Menacorp.
“However, I would [have] expected some retail clients to add more of the stock as to mediate the risks that have been weighing down on every other stock out there.”
Institutional buyers have been buying FAB shares, which have been on winning streak since it went ex-dividend on March 6, and are up 30 per cent so far.
“I expect FAB to outperform peers in the long-run, based on revised cost synergy guidance, and the bank will do much better come 2019 once its IT systems integration is complete,” Kassabieh said.
The ADX gained 0.29 per cent to close at 4,925.61, having hit an intra-day high of 4,952.77, a level last seen in November 2014. Dana Gas rose 0.02 per cent higher to Dh1.11. Waha Capital rose ahead of dividend announcement, and shares closed 1.65 per cent higher to Dh1.85. The Dubai Financial Market General index was a tad lower as Emaar Development made up for losses seen in small stocks, with the index slipping 0.08 per cent to close at 2,948.65.
Gulf Finance House (GFH) shed more than 1 per cent to close at Dh1.41, while Emaar Development went the other way, advancing 1.71 per cent to close higher at Dh5.34.
“Emaar Development may extend gains towards the target zone at Dh5.47 in the near term,” Shiv Prakash, a senior analyst with FAB Securities said. FABS had a buy at Dh5.20 last month.
Elsewhere in the Gulf region, Saudi Arabia’s Tadawul index closed 0.07 per cent lower to 8,237.42.
The Dubai Financial Market (DFM) general index extended gains for a second straight day, closing 1.5 per cent higher at 2,573.45 on strong buying in Emaar Properties in the last 30 minutes of trade.<
Selling pressure from foreign investors kept MSM stocks in the negative territory. The benchmark MSM30 Index closed at 4,497.64 points, down by 0.13 per cent. MSM Sharia index closed at 614.92 points
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