24.8 C
Monday, March 27, 2023

Abu Dhabi leads Gulf markets lower

Abu Dhabi leads Gulf markets lower

Jan 30 (Reuters) – Major stock markets in the Gulf region fell in early trade on Monday, with the Abu Dhabi index falling more than 3 percent to a six-month low, hurt by losses at the conglomerate’s international holding company (IHC.AD) and its subsidiaries.

According to media reports, IHC – Exposure at Adani Enterprises (Adel.NS)Adani gearbox (ADAI.NS) and Adani Green Energy (ADNA.NS) – is considering a bid for a 2,000-crore ($2.45 billion) follow-on stake sale in Adani Enterprises, led by Indian billionaire Gautam Adani, which began on Wednesday. The deal closed on Tuesday.

In a statement to Bloomberg, IHC spokesman Ahmad Ibrahim said the group’s business decisions were based solely on the analysis of objective facts.

Most of Adani Group’s shares extended sharp losses on Monday, extending the company’s stock market losses to $66 billion more than three days.

Stocks in the region also followed oil prices lower, as global producers are likely to keep output unchanged at this week’s meeting, while investors remain cautious ahead of the Federal Reserve meeting.

Crude oil prices – the main catalyst for Gulf financial markets – were down 69 cents, or 0.8%, at $85.97 a barrel by 0738 GMT.

Abu Dhabi’s Benchmark Index (.FTFADGI) Plunging 3.4 percent, the biggest drop since November 2019, as shares in conglomerate IHC fell 5.2 percent.

Among other losers, IHC subsidiary Alpha Dhabi Holding (ALPHADHABI.AD) and crew (Multiply Ads) Each fell 10 percent, while state-owned integrated utility Abu Dhabi National Energy Company, also known as TAQA, fell 8.9 percent.

Dubai’s benchmark index (.DFMGI) Blue-chip developer Emaar Properties slips 1.1%, trading near six-month lows (EMAR. YOU) down 1.9%.

Benchmark Qatar Index (.QSI) Almost all index constituents down 1% as Islamic bank Masraf Al Rayan falls 5.1% (MARK.QA).

The lender posted a more than 22% drop in full-year net profit.

Saudi Arabia benchmark stock index (.one) Al Rajhi Bank, the world’s largest Islamic bank, fell 0.8 percent, on track to snap a seven-day winning streak. (1120.SE) It fell 2.2 percent after reporting almost flat quarterly growth, although the bank reported a 16 percent rise in its full-year net profit.

Reporting by Mohd Edrees in Bengaluru; Editing by Shirley Jacobs-Phillips

Our standards: Thomson Reuters Trust Principles.

Source link

Related Articles

Driving Towards a One-Stop Solution for Automobile Enthusiasts Worldwide – Dhruv Umesh Parmar

In this interview, we have the pleasure of speaking with Dhruv Umesh Parmar, a highly accomplished and respected entrepreneur and Founder & CEO of...

Etihad Business Class Lounge Abu Dhabi Terminal 3 Review

You can read my review on my Etihad Business Class short-haul flights are here. PlaceThe lounge is located in Terminal 3, near...

And those: Ollie, Playoff Awards, Briscoe, Abu Dhabi

March 26, 2023 at 10:10 PM CST by Dana Gauruder Veteran NBA Guard and Former Connecticut State Coach Kevin...

Resumption of direct flight service from Kolkata to Abu Dhabi

Kolkata: Kolkata Netaji Subhash Chandra Bose International Airport (NSCBI) announced on Sunday that Etihad Airways has resumed direct flight services from Kolkata to...

Latest Articles