By: Bedour El-Raie

Abu Dhabi – Mubasher: Despite suffering a sharp drop during Wednesday’s trades, Abu Dhabi Islamic Bank’s (ADIB) stock witnessed sharp turnover on the Abu Dhabi Securities Exchange (ADX).

By 1:00 pm UAE time, the stock retreated 3.03% to AED 3.52, its lowest level in 10 months or since December 2017, when it reached AED 3.51.

Turnover on the stock amounted to AED 58.58 million, making up 35.5% of the ADX’s total traded value AED 165.512 million. ADIB’s turnover was the highest for the stock in two-and-a-half years or since April 2016.

ADIB recently announced that it successfully collected AED 1 billion as part of a rights issue that it would use to support its continuous growth and achieve its ambitious strategy in addition to meeting regulatory requirements.

ADIB’s rights issue was five times oversubscribed, reflecting strong demand from investors in the Islamic bank.