Regional markets end lower as Investors cut positions amid low volumes ahead of the holidays for Eid
Gulf stocks ended lower yesterday, led by losses in the Abu Dhabi market as investors cut positions amid low volumes ahead of the holidays for the Muslim festival of Eid.
Abu Dhabi stocks ended 2.1 per cent lower, led by a 3.5pc drop in First Abu Dhabi Bank as investors took profit on one of the best performing large-cap stocks this year in the United Arab Emirates (UAE).
FAB shares are still up 21pc so far this year, outperforming a 5pc rise in Abu Dhabi index. Investors were cheered by UAE’s biggest lender’s strong earnings and its entry into the Saudi market.
Gulf investors are awaiting news of rebalancing of stocks on June 16 by index compiler FTSE Russell that could affect Middle East and North Africa shares as well.
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