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FAB shares weigh on Abu Dhabi index

Abu Dhabi index falls more than 1 per cent, leading regional losses

Gulf News

Dubai: Traders resorted to profit-taking in First Abu Dhabi Bank (FAB), weighing on the Abu Dhabi index, which led regional losses.

FAB closed 2.44 per cent lower to Dh14, after gaining 14 per cent since the start of July. The Abu Dhabi index closed 1.09 per cent lower to 4,872.03.

Aldar Properties closed more than 2.53 per cent lower at Dh1.93. Abu Dhabi Commercial Bank closed 1.54 per cent lower at Dh7.04. Buying was seen in Dana Gas and Union National Bank shares in Abu Dhabi. Dana Gas closed 2.7 per cent higher at Dh1.14. UNB closed more than 3 per cent at Dh3.84. The Abu Dhabi index has outperformed the Dubai index in the past year. The Abu Dhabi index has gained 12.64 per cent returns compared to 11 per cent loss on Dubai index.

“ADX is less shaky than DFM (Dubai Financial Market) given the fact that its banking sector weighs heavily on the index which is led by FAB (has enough pull to push the index upwards). Also, with oil prices stabilising and with the expected rebound in the Abu Dhabi economy, we can see better activity from the government boosting the bank’s business,” Issam Kassabieh, senior financial analyst, Research Department at Menacorp, said.

The Dubai index touched its 50-day simple moving average of 2,910, indicating support for the index. The DFM General Index closed 0.97 per cent lower to 2,920.11. Emirates NBD closed 10 per cent lower to Dh10.

Drake and Scull closed 9.93 per cent lower at Dh0.499.

Dubai Islamic Bank closed more than 1 per cent lower at o Dh5.01.

Gulf Finance House closed 0.71 per cent lower at Dh1.40.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.42 per cent lower at 8,176.18. The Qatar exchange index closed 0.75 per cent lower at 9,886.86.

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