UAE stocks were mixed yesterday, with Abu Dhabi's stock index losing nearly 1 per cent, while Dubai barely moved.
The most active stock in the capital was Abu Dhabi Commercial Bank, which was little changed at Dh7.86. The index compiler MSCI announced last week that ADCB’s weighting as part of the UAE in its emerging markets index will be increased to 18.6 per cent from 15.3 per cent.
"ADCB went up last week because of a re-weighting of the MSCI index and today we saw some profit-taking on that," said Sanyalak Manibhandu, the manager of research at NBAD.
Aldar Properties was also in focus, ending the day at Dh2.78. The Abu Dhabi-based property developer said last week its profit jumped by more than a third in the first quarter as it benefited from a surge in rents from its flagship Yas Mall shopping centre and lucrative land plot sales.
Bahrain's Gulf Finance House was one of the most active stocks in Dubai, falling 3 per cent to Dh0.794. The Sharia-compliant investment firm reported last week that it had won a legal case amounting to US$91 million against two ex-chairmen related to their bonuses.
dalsaadi@thenational.ae
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