MIDEAST STOCKS-Dubai extends gains on UAE bourse merger bets, Saudi banks rise | Reuters:
"* UAE bourse merger speculation boosts Dubai
* Saudi banks rise after announcing capital increases
* Qatar's soccer cup spending attracts investors
By Raya Atallah and Nadia Saleem
DUBAI, Feb 16 (Reuters) - Dubai's exchange extended gains on Sunday as bets on the country's two bourses merging boosted sentiment, while banks' dividends helped lift Saudi Arabia in a mixed regional trend.
Dubai's measure climbed 2.2 percent, up for a second session, to reach its highest close in five years.
The chief executive of the Abu Dhabi Securities Exchange (ADX) said on Sunday that stock markets in the United Arab Emirates should unify their back office operations and processes for settlement and regulation.
The two exchanges have been discussing a merger since at least 2010, but talks appear to have advanced considerably in recent months.
Last year Abu Dhabi and Dubai hired banks to advise on the possible merger, which would be one of the biggest reforms in the UAE's financial industry in recent years."
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