Arabian Business, Monday, Apr 15, 2019 | Shaaban 9, 1440
First Abu Dhabi Bank's foreign-ownership change lifts Abu Dhabi stocks
Stocks in Abu Dhabi reached their highest since September 2014 after
the main gauge’s largest constituent implemented a decision to raise its foreign
First Abu Dhabi Bank shares advanced 5 percent, the most in a month.
The raised cap for foreigners could trigger passive inflows of about $730
million from investors tracking MSCI and FTSE Russell benchmarks by June,
according to estimates by Mohamad Al Hajj, an equities strategist at EFG-Hermes
“FAB’s weight in the MSCI Emerging Markets index will increase from about 21
basis points to 32 basis points, putting it in the Top 15 banks in EM by weight,
from number 33 currently,” he wrote.