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Thursday, 17 November 2016

MIDEAST STOCKS-Abu Dhabi banks mixed, Saudi lenders weak | Reuters

MIDEAST STOCKS-Abu Dhabi banks mixed, Saudi lenders weak | Reuters:
"Abu Dhabi's banks were mixed in early trade on Thursday after soaring on Wednesday amid renewed speculation the government would merge more banks. Saudi banking shares were weak.

Union National Bank lost 1.1 percent after jumping 12.3 percent on Wednesday. Abu Dhabi Commercial Bank was flat after it gained 5.8 percent. Abu Dhabi Islamic Bank pulled back 1.9 percent after climbing 4.7 percent.

The banks did not issue a statement after the market close on Wednesday to confirm or deny the speculation. Several bankers familiar with the industry in Abu Dhabi told Reuters formal talks were not underway and the idea of any merger was still preliminary."

'via Blog this'