The Abu Dhabi Securities Exchange (ADX) witnessed significant activity yesterday, with the support of the merger discussions of banks including Abu Dhabi Commercial Bank, National Union and Al Hilal, where the first two banks were active. Trading, especially shares «National Union», which saw a demand of 30 million shares, at the maximum, until the end of the meeting.

The general index of the market increased by 60 points, above 1% during the session, and closed at 4983 points, equivalent to 0.94%.

The value of trading was 60 million dirhams, 50% of which were on the shares of «Abu Dhabi Commercial» and «National Union», while the volume of shares traded during the session 178 million shares, and the number of transactions 995 deal. On the Dubai Financial Market, the general index rose 0.3% to 2,837 points, with a turnover of AED 113 million.

Of the 35 companies that were traded, 15 rose and 11 declined. Nine remained unchanged.

Positive effect

Financial analyst Dean Kanaan said that the impact of the merger news was positive in the performance of the financial market in general, as we saw the shares, the subject of discussions, the maximum, and this has not been seen for almost years, meaning that investors received the news with optimism and optimism.

He added that the remarkable trading yesterday, the large demand, especially on the shares Union National Bank, which registered 30 million shares, were required at the maximum, against the offer of 645 thousand shares only.

He pointed out that the market index at the threshold of 5000 points, and in a phase not seen in about 45 months ago, and the continued optimism among the dealers, support to exceed this level, despite the liquidity rates that are still weak.

Height of the arrows

In turn, Al Ansari Financial Services Manager Abdul Qader Shaath said that the start of trading witnessed the rise of the shares of Abu Dhabi Commercial Bank and National Union to the maximum limit, opening up the appetite of traders, especially those of Abu Dhabi Commercial Bank, The stock, and the sale of about 10 million shares, indicating that despite that, both stocks were required at the maximum.

Shaath expected the market to continue trading during the next two sessions, before profit taking began.

Invitation to the Board of Directors

Abu Dhabi Commercial Bank (ADCB) has sent a message to the market announcing its invitation to the Board of Directors to meet on Thursday, September 6th, to discuss some of the normal issues that will not affect the stock.

Both banks also sent two separate market messages on merger discussions.