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Monday, 13 March 2017

MIDEAST STOCKS-Dubai's Shuaa, GFH jump on merger hopes; insurance, banks hit Saudi | Reuters

MIDEAST STOCKS-Dubai's Shuaa, GFH jump on merger hopes; insurance, banks hit Saudi | Reuters:

"Speculation over a possible merger between Dubai-based Shuaa Capital and Bahrain's GFH Financial spurred heavy turnover in their shares on Monday, while the banking and insurance sectors dragged the Saudi Arabian stock index lower. Shuaa climbed 3.2 percent to a seven-year closing high of 1.93 dirhams, bringing its gains to 18.4 percent since Sunday. The Dubai-listed shares of GFH, the market's most heavily traded stock, surged 7 percent while its less liquid Bahrain-listed shares jumped 9.7 percent. On Sunday Shuaa announced it had agreed to acquire Integrated Capital and Abu-Dhabi based brokerage Integrated Securities, both controlled by Abu Dhabi Financial Group (ADFG), which last November bought 48.36 percent of Shuaa."



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