April 29, 2019 / 8:33 AM / in 3 months

FAB weighs on Abu Dhabi stocks; most major Gulf markets down

April 29 (Reuters) - Abu Dhabi’s stock index fell on Monday, pulled down by its financial shares, particularly First Abu Dhabi Bank. Most major Gulf markets fell.

The Abu Dhabi index lost 1 percent, with First Abu Dhabi Bank shedding 1.5 percent before reporting its first-quarter results later in the day.

Dana Gas slid 2.1 percent to fall for the third straight session. The company’s stock went ex-dividend on Thursday and has been sliding since.

Saudi Arabia’s main index was the only market to gain in early trading, inching up 0.1 percent. Saudi British Bank rose 2.6 percent to its highest in four years after reporting a 24 percent increase in first-quarter net profit.

Zahrat Al Waha gained 1.5 percent after posting a two-fold rise in its first-quarter net profit.

Dubai’s index slipped 0.2 percent for its fifth straight day of loss, partly due to a 4.3 percent decline by Dubai Islamic Insurance And Reinsurance after its shareholders elected against a dividend distribution for 2018.

Islamic Arab Insurance Co also fell 1.6 percent after its shareholders decided against a dividend distribution for the year.

Qatar’s blue-chip index was down 0.1 percent. Real estate companies United Development and Barwa Real Estate lost 1.5 percent and 0.7 percent, respectively.

Reporting by Karina Dsouza and Abinaya Vijayaraghavan in Bengaluru, editing by Larry King

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below