By: Mahmoud Gamal
Abu Dhabi-Mubasher: National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) acquired 76% of Abu Dhabi bourse’s liquidity in Sunday’s early trades.
NBAD and FGB’s stocks are seeing strong purchases after confirming news on the possible merger between both lenders, according to capital market analyst Youssef Al-Qubaisi.
FGB was the value leader after generating AED 29.68 million by 10:40am UAE time, representing 48.6% of the market’s liquidity worth AED 61 million. The stock reached AED 12.65 after adding 8%; the highest gains in 6 months.
NBAD ranked second in the value leaders list with a AED 16.7 million, representing 27.4% of the market’s turnover. The stock grew 14.5% to AED 15; the highest level since September 2015.
Both stocks positively affected the market’s main index which technically stopped its downward trend after it moved above 4,425 points, Al-Qubaisi noted.
The index rose 2.8% to reach 4,441.37 after one hour of trading.
Investors will be encouraged to build positions in both stocks, market analyst Safwat Totah noted.
Commenting on the market, Al-Qubaisi said that the market will confirm its uptrend if its index breaks above 4,450-4,500 points.
Translated by: Julian Nabil
