Dubai index jumps 4.6 pct as Emirates NBD hits 7-year high

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Dubai’s benchmark index surged 4.6 percent on Monday, bolstered by its largest lender, Emirates NBD, which raised the limit on foreign ownership of its shares to 20 percent from five percent.

Emirates NBD shares jumped 14.9 percent, their highest level since October 2007. The bank also announced its plans to increase its foreign ownership limit to 40 percent.

Abu Dhabi’s index rose 0.68 percent. Abu Dhabi Commercial Bank was up 4.3 percent, while telecom giant Etisalat was up 1.9 percent.

Elsewhere in the region, Saudi Arabia’s benchmark Tadawul All Share Index (TASI) edged up 0.6 percent by late midday, reversing earlier losses.

Heavyweight lender Riyad Bank was down 1.96 percent as banks continued their correction, while petrochemicals manufacturer Saudi Basic Industries Corporation (SABIC) was up 0.3 percent.

In Kuwait, the benchmark index closed 0.22 percent lower.

Kuwait’s Capital Market Authority, the regulatory body for securities which owns 50 percent of Boursa Kuwait Securities Company - Kuwait’s only stock exchange operator - said it will launch an initial public offering of its IPO shares in the exchange during the first quarter of 2019.

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