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Monday, 21 November 2016

MIDEAST STOCKS-Abu Dhabi recovers, Saudi petrochemicals buoyed by oil bounce | Reuters

MIDEAST STOCKS-Abu Dhabi recovers, Saudi petrochemicals buoyed by oil bounce | Reuters:
"Abu Dhabi's stock market index rebounded in early trade on Monday as some of banking stocks which were sold off in the previous session recovered, while Saudi Arabia rose as oil prices firmed.

Abu Dhabi's index rose 0.9 percent after falling 1.7 percent on Sunday. Abu Dhabi Commercial Bank climbed 3.2 percent and Abu Dhabi Islamic Bank rose 0.3 percent.

On Sunday, Union National Bank dropped 5.2 percent and ADCB lost 2.7 percent after both lenders issued separate statements denying last week's Bloomberg report that they were involved in merger talks. Similarly, ADIB pulled back 0.8 percent after the lender said that it has no plans to merge with Alhilal Bank.

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