By: Mahmoud Gamal

Dubai – Mubasher: The approval of both of First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) on the merge agreement is of the good news that will encourage traders to raise positions in UAE stocks on Thursday, according to analyst.

The merger will increase the investment appetite in the markets, with expectations for other listed banks to enter the merging talks, technical analyst, Mohamed Al Azmy, told Mubasher.

Moreover, technical analyst, Reda Bassiouny, said that UAE market were able to regain some of their activity and offset the losses they incurred earlier, with expectation for enhancements in the last month of 2016 trading.

The main index of Abu Dhabi Securities Exchange (ADX) finished Wednesday rising 77.91 points or 1.8% to 4,433.74 points.

The general index of Dubai Financial Market (DFM) added 1.25% or 43.32 points to close at 3,495.73 points.

Most of the portfolios returned to keep the purchasing track between the domestic stocks, which reached technically attractive levels, technical analyst, Nawaf Al Taea, told Mubasher.

The foreign and Arab investors tended to purchase yesterday in DFM with a total value of AED 145.19 million, while institutions purchased by AED 54.5 million in ADX.

Translated by: Sara Ghali