By: Mahmoud Gamal
Abu Dhabi – Mubasher: The beginning of trading on First Abu Dhabi Bank, following the merger between National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), will push traders to increase their positions on UAE blue chip stocks on Monday, analysts told Mubasher.
The market’s gains are likely to increase on Monday, in line with a positive outlook for the new combined bank, capital market analyst Hamoud Al Azmi said.
Merger news will have a positive impact on banks stocks, amid expectations that other listed banks will enter into merger discussions, Al Azmi noted.
Small investors are likely to increase their positions, as Dubai and Abu Dhabi’s indexes are about to break their resistances at 3,520 points and 4,530 points, respectively.
Translated by: Julian Nabil
