Worst week in more than a year on the ADX

Shares in Abu Dhabi fell sharply yesterday, rounding off the capital’s worst trading week in more than a year. Dubai shares also closed lower.

The Abu Dhabi Securities Exchange General Index closed down 1.8 per cent at 4,446.21, the worst one-day close since mid-October, as investors booked profits.

The index declined by 3.9 per cent during the week, its sharpest weekly fall since January 2015.

FGB and Etisalat led a general sell-off of big-name stocks, closing off 3.1 per cent and 2.2 per cent respectively.

Waha Capital was the pick of just seven gainers on the index, rising 1.4 per cent.

The sell-off was more muted in Dubai, with the emirate’s headline index finishing off 0.8 per cent at 3,623.75.

Emaar Properties and DIB led the index lower, finishing off 2.4 per cent and 0.8 per cent respectively.

Damac Properties was among the main gainers, closing up 0.4 per cent at Dh2.79. The developer’s shares have risen for four consecutive days, on speculation that the stock may be selected for inclusion in MSCI’s Emerging Markets Index later this year.

The falls registered by UAE stocks were the exception on an otherwise mainly quiet day for regional equities.

Shares in Saudi Arabia were little changed for a second consecutive day, in spite of claims by the country’s fin­ance minister that it had settled all outstanding payment claims that are older than 60 days.

The Tadawul finished 0.03 per cent lower, with gains by Saudi Industrial Investment Group and Al Rajhi Bank cancelled out by declines in Ma’aden and Banque Saudi Fransi.

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