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Bloomberg
Abu Dhabi stocks climb the most in the Middle East as the United Arab Emirates’ biggest lender seeks to increase the limit on foreign ownership of its shares.
First Abu Dhabi Bank (FAB) surged as much as 5.8 percent, the most since April 2017. The stock was the biggest contributor to the ADX General Index’s 1.6 percent gain.
The lender last week said it’ll seek shareholders’ approval to increase its foreign ownership limit to 40 percent from 25 percent. Other banks in the region including Emirates NBD PJSC and Qatar National Bank QPSC surged after announcing similar plans last year.
Equity indexes in Bahrain and Egypt also climb, while those in Saudi Arabia, Dubai, Qatar, Kuwait and Oman retreat.