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Abu Dhabi shares closed down more than 2 percent on Friday, hitting a three-month low, after its largest bank by assets, First Abu Dhabi Bank, reported weaker-than-expected earnings.
The Abu Dhabi index fell 2.7%, its biggest intraday drop since mid-May, dragged down by a 4.8% drop in First Abu Dhabi Bank.
On Thursday, the bank reported fourth-quarter net profit of 2.5 billion dirhams ($680.66 million), down 26 percent from a year earlier and below analysts’ estimate of 2.95 billion dirhams.
The lender also cut its annual cash dividend by 26% to 52 fils per share from 2021.
Abu Dhabi leads Gulf market losses, Saudi shares rise
Among other losers, state-owned integrated utility Abu Dhabi National Energy Company, also known as TAQA, plunged 8.2 percent, while investment firm Multiply Group tumbled 6.7 percent.
Daniel Takieddine, CEO of BDSwiss MENA, said the Abu Dhabi index continued to fall under pressure from First Abu Dhabi Bank’s poor performance.
Daniel said the dovish performance in the oil market also left the stock market without much support.
Dubai’s benchmark index ended 0.8% lower, dragged down by sharp losses in utilities and index heavyweight real estate stocks.
Shares in Emirates Central Cooling Systems Corporation fell 4.6 percent, their worst day since listing, while blue-chip developer Emaar Properties fell 1.6 percent
================================ ABU DHABI down 2.7% to 9,661 DUBAI fell 0.8% to 3,329 ================================
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