Dubai’s stock market reached a one-month growth on Monday, partly lifted by its largest bank Emirates NBD as one of its businesses prepares to list on the London Stock Exchange, while Qatar markets jumped on back of its blue-chip banks.
The Dubai index added 1.5 percent with Emirates NBD gaining 3 percent.
Payments processor Network International said shares in its Initial Public Offering (IPO) would be priced at between 395 pence and 465 pence each, implying a valuation of between 1.9 billion pounds and 2.3 billion pounds ($2.5-3.0 billion).
The firm is currently jointly owned by Emirates NBD and private equity firms Warburg Pincus and General Atlantic. The IPO will comprise the secondary sale of shares by Emirates and WP/GA Dubai IV B.V.
Dubai’s largest listed-developer Emaar Properties rose 2.5 percent and Dubai Islamic Bank was up 1 percent.
In Qatar, the index rose 0.5 percent, partly lifted by a 0.8 percent gain in Qatar Navigation, its biggest one-day gain in five months. The stock has mostly gained since its shareholders approved the split of par value of its shares to be 1 riyal instead of 10 riyals.
Qatar International Islamic Bank rose 1.6 percent. On March 25, the lender’s shareholders approved an increase in its foreign ownership limit to 49 percent from 25 percent.
Qatar Fuel and Mesaieed Petrochemical Holding are now eligible for MSCI’s emerging market index inclusion in May, which is expected to result in passive inflows of $240 million and $230 million respectively, Arqaam Capital said.
Qatar Fuel fell 0.5 percent, while Mesaieed increased 0.5 percent.
The Saudi index gained 0.3 percent, with Al Rajhi Bank adding 1.3 percent and National Commercial Bank , the country’s largest lender, rising 0.6 percent.
Saudi’s Knowledge Economic City increased 1.9 percent after saying it had completed the preliminary feasibility study for a downtown project with a cost of 2.2 billion riyals ($586.62 million)
Aseer Trading Tourism rose 0.7 percent after its full-year loss narrowed.
Abu Dhabi’s index rose 0.2 percent with the country’s largest lender First Abu Dhabi Bank increasing 0.4 percent and Union National Bank gaining 4.6 percent. ($1 = 3.7503 riyals)
Source: Reuters
