Mideast Stocks: ENBD lifts Dubai, Saudi triggers bullish technical signal | ZAWYA MENA Edition:
"Most Gulf stock markets were higher in early trade on Sunday as a leap by Dubai's biggest bank, Emirates NBD, pulled that index up sharply. The Dubai index, which had been languishing at two-year lows, climbed 1.3 percent as ENBD, which is usually very thinly traded, soared 13.6 percent to 10.0 dirhams in heavy volume. It broke major technical resistance around 9.0 dirhams, where it had peaked several times since mid-2016. The bank, majority owned by government, said it would ask shareholders on March 27 to approve a capital increase through the issuance of up to 7.35 billion new shares at a discount of at least 10 percent to the prevailing market price, with preference to existing shareholders. It currently has about 5.5 billion shares."
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