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Sunday, 20 November 2016

MIDEAST STOCKS-Gulf shares diverge in early trade | Reuters

MIDEAST STOCKS-Gulf shares diverge in early trade | Reuters:
"Gulf equity markets diverged in early trade on Sunday with corporate news buoying Dubai's market and Abu Dhabi's index weighed down by some of last week's top movers.

Dubai's index rose 0.4 percent, buoyed by a 10.8 percent jump in Shuaa Capital after the investment firm announced that Abu Dhabi Financial Group (ADFG) had carried out a previously announced acquisition of 48.36 percent of the firm from Dubai Banking Group, a subsidiary of Dubai Group, for 0.705 dirham a share.

Although the purchase price was well below the market price, some investors are betting ADFG will develop Shuaa into a much bigger company."

'via Blog this'