mobanmarketDubai: The Dubai bourse’s main index jumped nearly 5 per cent on Monday, as trade values also rose, after Emirates NBD increased its foreign ownership limit to 20 per cent from 5 per cent.
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The Dubai Financial Market (DFM) index closed 4.77 per cent higher, at 2,889.81, led by gains in Emirates NBD’s share prices, which climbed 14.85 per cent to end at Dh13.15.
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Trade values rose to Dh634.3 million on the bourse, with over 51 per cent of that on Emirates NBD’s shares.
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The gains came as Dubai’s biggest bank said it has implemented an immediate increase in foreign ownership, and that it plans to raise that further to 40 per cent.
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Emirates NBD said it will seek approvals from shareholders and regulators for the additional increase in foreign ownership.
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In Abu Dhabi, the main index went up 0.68 per cent to close at 5,156.01, with banking stocks Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank leading the gains.
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ADCB rose 4.3 per cent while ADIB went up 1.99 per cent.
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