United Arab Bank jumps on planned share buyback programme
- United Arab Emirates: Wednesday, September 19 - 2012 at 16:16
The Abu Dhabi market measure ADX General Index closed 0.22% higher at 2,617.49 points Wednesday, mostly due to solid gains in the real estate sector. Shares of United Arab Bank or UAB jumped 10% to hit Dhs3.19. Earlier in the day, UAB said at the board of directors discussed the commencement of the share buyback programme to purchase a percentage of the bank's subscribed shares within the limits allowed by law. The board approved the plan in principle, subject to the approval of related authorities. Like in Dubai, trading turnover soared at the ADX as 95.6m shares worth Dhs88.4m changed hands.
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