Mashreqbank leads the Dubai index up, Abu Dhabi falls | Job Binary


Sept 30 (Reuters) – The Dubai index ended higher on Friday as lender Mashreqbank () rose 15%, while Abu Dhabi shares fell amid crude oil market volatility.

Middle East crude oil benchmarks were mixed on Friday, with Oman and Murban falling and Dubai rising during the final trading session in September.

In Dubai, the main stock index (<.DFMGI>) rose 0.7%, led by gains in heavyweight real estate and financial stocks, as blue-chip developer Emaar Properties () rose 1.4% and the construction unit of Dubai developer Emaar. Development () developed by 2.9%.

Shares in Mashreqbank have risen following a report on Wednesday that the lender has received buyout offers from several companies for its payments unit.

Among other stocks, low-cost airline Air Arabia () rose 1.5% after its unit announced a new direct flight to Moscow.

However, the index fell by 3% on a monthly basis, which is the biggest drop in a month since June.

In Abu Dhabi, the index (<.FTFADGI>) fell 0.7%, weighing on the United Arab Emirates’ largest lender First Abu Dhabi Bank () down 2.6% and down 1.6%. energy company Abu Dhabi National Energy Company (TAQA) ().

Health insurance company Hayah Insurance () fell nearly 10% after major shareholder Gulf Insurance Group sold its entire stake in the company.

Separately, Abu Dhabi-based hospital operator Burjeel Holdings set an initial public offering (IPO) price range of 2-2.45 dirhams ($0.5446-0.6671) per share, implying an equity value of $3.3 billion at the upper end. Read more

The company plans to sell approximately 550.7 million shares, or 11% of the issued share capital, including 200 million new shares issued by Burjeel.

According to data from Refinitiv, the Abu Dhabi index fell by 1.3% on a monthly basis.

($1 = 3.6726 AED)

Report by Mohd Edrees in Bengaluru

Our standard: Thomson Reuters Trust Principles.



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