Dubai: Emirates NBD stock prices jumped over 6% during the first two trading hours on Tuesday, a day after the bank said it would raise foreign ownership limits to 20% of 5%.
Emirates NBD, the largest bank in Dubai, saw its stock price rise to Dh1
The bulk of the trading value of the course was concentrated on Emirates NBD, which represented about 78% of D9090.8 million Dh.
The appreciation came after Emirates NBD on Monday said it had an immediate increase in limits of foreign ownership and that it plans to increase it to 40 percent after receiving approvals for it. Bank's stock prices rose 15 percent on Monday, with the DFM index nearly 5 percent higher.
In mid-July, First Abu Dhabi Bank proposed an increase in its foreign ownership limits after the UAE government announced it would allow 100 percent foreign ownership in certain economic sectors. However, banking was not one of the sectors cited by the government for 100% foreign ownership and it is still unclear the extent to which FAB will raise its property limits.