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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 MSM30 index ended higher to close at 4452.91 points, up by 0.03 per cent. MSM Sharia Index closed at 603.43 points, down by 0.12 per cent. Oman Fisheries was the most active in terms of volume wh
Times of Oman
Shares of Deyaar Properties and Salama Insurance fell in a firm Dubai market on Wednesday as traders resorted to profit-taking.
Deyaar Properties closed 2.11 per cent lower to be at Dh0.46
QSE benchmark index rose 1.25 percent to 10,157 points, confirming a break above technical resistance at 10,003-10,028 points. The market is up 19.17 percent year-to-date (YTD).
Kuwait stocks pulled higher on Wednesday, recouping most of the previous session’s losses. The All Shares Index climbed 13.71 points in volatile session to 5,008.02 pts helped by Humansoft Holding a
The MSM30 index ended lower to close at 4451.65 points, down by 0.20 per cent. MSM Sharia Index closed at 604.13 points, down by 0.27 per cent. Bank Nizwa was the most active in terms of volume while
Times of Oman