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Wednesday, 16 November 2016

MIDEAST STOCKS-Abu Dhabi rallies on bank merger speculation; Saudi, Egypt rebound | Reuters

MIDEAST STOCKS-Abu Dhabi rallies on bank merger speculation; Saudi, Egypt rebound | Reuters:
"Abu Dhabi bank shares surged on Wednesday because of renewed speculation that the government might merge more banks as part of an efficiency drive, while other regional markets rebounded, encouraged by strong global bourses and oil prices.

The Abu Dhabi index jumped 2.6 percent, its largest single-day gain since June, but trading volume continued to decline from a seven-month peak hit earlier this month.

Quoting unnamed sources, Bloomberg reported Abu Dhabi was considering more financial sector mergers after First Gulf Bank and National Bank of Abu Dhabi announced earlier this year that they planned to merge in the first quarter next year. FGB shares closed 2.6 percent higher and NBAD shares added 1.5 percent.

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