Dragged down by Etisalat, shares in Abu Dhabi declined the most among the regional markets in the last trading session of the week.
Etisalat leads ADX down
DUBAI // Dragged down by Etisalat, shares in Abu Dhabi declined the most among the regional markets in the last trading session of the week. The Abu Dhabi Securities Exchange (ADX) General Index declined 1.6 per cent to 2,859.57, dropping for the third consecutive session. Etisalat, the country's largest telecommunications operator, lost 4.5 per cent.
"Etisalat is coming off its high this month and there is some profit-taking in the stock. "There is no specific news," said Ali Khan, a director at the Dubai investment bank Arqaam Capital. The National Bank of Abu Dhabi also weighed heavily on the market, retreating 3.7 per cent. Aabar Investment bucked the trend, rising for the first time in four sessions and closing trade 2.5 per cent up. Aabar announced it would seek shareholder approval to issue Dh7.35 billion (US$2bn) in convertible bonds.
Shares in Dubai ended the week on a bright note, rising the most in the region. The Dubai Financial Market General Index gained 8 per cent to 1,859.96. The bellwether Emaar Properties and Deyaar Development each advanced 2 per cent. Shuaa Capital was the biggest gainer, ending 4.8 per cent higher, followed by Dubai Islamic Bank, which was up 4 per cent. Arabtec Construction rose 1 per cent. Qatar's main measure rose 0.1 per cent, while Muscat advanced 0.4 per cent.
The Kuwait benchmark retreated 0.8 per cent and Bahrain was down 0.3 per cent. The Saudi bourse was closed for the weekend. @Email:firstname.lastname@example.org