Abu Dhabi dips in Gulf on recession fears

An investor monitors a screen showing stock information at the Abu Dhabi Stock Exchange on June 25, 2014. /

Sept 26 (Reuters) – Abu Dhabi shares fell in early trade on Monday, with stocks in the Gulf region falling as investors worried about the prospect of a global recession.

MSCI’s broadest index of Asia-Pacific stocks outside Japan (.MIAPJ0000PUS) It fell 1.4% to a two-year low, with a monthly decline of 11%, the largest since March 2020.

In Abu Dhabi, the index (.FTFADGI) Down 1.7%, dragged by First Abu Dhabi Bank’s 2% decline (FAB.AD)the largest lender in the United Arab Emirates.

Crude oil prices, the main catalyst for Gulf financial markets, fell for a second day on the back of a stronger dollar and a possible drop in fuel demand amid an expected global recession triggered by rising interest rates.

Dubai’s main stock index (.DFMGI) Down 1.5%, most stocks including blue-chip developer Emaar Properties are in negative territory (Emar. You).

Separately, Abu Dhabi-based hospital operator Burjeel Holdings plans to sell an 11 percent stake in an initial public offering to list on the Emirates Stock Exchange, the company said in a statement on Monday. read more

Saudi Arabia Benchmark Index (.one) Down 0.4%, Al Rajhi Bank (1120.SE) Down 0.9%.

Qatar Index (.QSI) Qatar National Bank fell 0.3% (QNBK.QA)The largest bank in the Gulf, fell 1.7%.

Reporting by Ateeq Shariff in Bengaluru Editing by David Goodman

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