Sunday , November 19 2017

25.6 billion shares of 18 national banks listed at UAE financial markets

Investors follow the stock market activity at the Dubai Financial Market on September 16, 2008. Global equities tumbled for a second day running today as anxious investors waited to see if US insurance giant American International Group (AIG) would suffer the same fate as bankrupt US investment bank Lehman Brothers. AFP PHOTO/MARWAN NAAMANI (Photo credit should read MARWAN NAAMANI/AFP/Getty Images)

ABU DHABI / WAM

The number of floating shares in the national banking sector available for trading reached 25.6 billion at the end of the first half of May, constituting 50 percent of the total capital of 18 national banks, amounting to 51.2 billion shares.
The latest official statistics issued by the Abu Dhabi and Dubai financial markets show a rise in the percentage of floating shares, available for trading for all local and foreign investors, with a 4 percent increase compared to the end of 2016, encouraging greater foreign liquidity in the sector during the first four months of 2017.
According to market brokers, all companies listed in the financial markets, including banks, have expanded in terms of their level of floating shares available for trading by individuals and companies from local or foreign investors, which had a positive role in attracting liquidity.
They also said that some companies have distributed grants instead of cash, which contributed to the rise of floating shares available for transaction.
According to the analysis of banks in terms of available shares, First Abu Dhabi Bank topped this list with 7.3 billion shares, constituting around 67 percent of its total capital of 10.89 billion shares, explaining the recent rise in traded liquidity.
The floating shares at Dubai Islamic Bank reached 2,859 shares, constituting 58% of its total capital of 4,932 shares, while floating shares in Union National Bank reached 1,100 shares, constituting 40% of its total capital of around 2,751. The floating shares at Emirates NBD reached 2,163, constituting 39.4% of its total capital of 5,478 shares.

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