First Gulf Bank opens up to international investors

Markets Update: First Gulf Bank opens up to international buyers today, sending the Abu Dhabi lender's shares higher in early trading.

First Gulf Bank's shares rose as Abu Dhabi's third-biggest bank eased limitations on investment by international buyers.

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The bank's board voted in June to increase the amount of its shares that could be purchased by overseas buyers to 25 per cent from 15 per cent, which came into effect today.

Though the move did not spark a significant jump in volume, the bank's shares rose 0.6 per cent to Dh14.40 each. International investors currently own 14.02 per cent of the bank's stocks.

First Gulf Bank joined other big lenders, such as National Bank of Abu Dhabi and Abu Dhabi Commercial Bank in nudging the capital's stock market index slightly higher in early trading.

The Abu Dhabi Securities Market General Index rose 0.2 per cent to 2,429.78, while the Dubai Financial Market General Index was flat at 1,367.21.

Asian stocks rose in the early hours of the morning as optimism grew that European leaders were close to a breakthrough on the eurozone's sovereign debt crisis.

The Nikkei 225 gained 2.3 per cent to 8,477.82 and the Hang Seng index rose 1.3 per cent to 18,286.50.

Oil prices bubbled upwards, with Brent futures increasing 29 cents to $109.65 per barrel. Gold prices were flat, with bullion trading at $1,713 per troy ounce.

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