Financial stocks drag on Abu Dhabi stock market

The Abu Dhabi Securities Exchange fell by 1.8 per cent on Thursday, driven down by financial stocks.

Investbank fell 10 per cent. FGB’s share price fell 6.2 per cent, while Waha Capital fell 2.3 per cent.

Seven members of the exchange rose, 11 fell and 43 stocks remained unchanged in price.

Al Khaleej Investment rose 14.8 per cent, while the Abu Dhabi National Company for Building Material rose 2.7 per cent.

The Dubai Financial Market remained unchanged overall.

Thirteen stocks on the exchange rose, 13 stocks fell and nine were unchanged.

Gulf Navigation was the biggest loser on the DFM, falling 4.8 per cent. Tabreed rose 8 per cent, while Dubai Parks and Resorts rose 3.5 per cent.

Emaar Properties fell 3 per cent, its biggest one day decline since January 26.

Arabtec fell 0.6 per cent, completing a full week of declines following news that it was in negotiations with the Egyptian government to alter the terms of its contract to provide US$40 billion of affordable houses.

The MSCI Emerging Markets Index fell 1 per cent, after declines across Chinese equities.

The Saudi Tadawul gained 0.6 per cent.

The Egyptian Stock Exchange was the best-performing in the emerging markets, rising 1.2 per cent after the cabinet on Wednesday approved a long-awaited draft law on investment aimed at making deals less vulnerable to legal disputes or changes in government.

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