Banks and real estate pull up UAE stock indices | Analysis – Gulf News:
The UAE stock indices rallied by more than 0.50 per cent on Tuesday, continuing their bullish momentum of recent days.
The gains were led by banks and real estate companies, on both DFM and ADX.
The stocks that contributed most to gains are Emaar Properties, Emirates Integrated Telecommunications and Emirates NBD on DFM, while FAB and Aldar Properties pulled up ADX.
A major news of for the day was ADIB raising the foreign ownership limit to 40 per cent from 25 per cent. This year Dubai Islamic Bank had also announced an increase to the foreign ownership limits, but data suggests that the limits have not been legally raised.
Others to have higher foreign exposure limits are Agthia Group and Methaq Takaful Insurance. It’s debatable on whether raising these limits will make any practical difference.
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