Abu Dhabi stocks fell the most in almost six weeks after EFG-Hermes Holding SAE cut Aldar Properties PJSC, the emirate’s biggest developer, to “sell” and a purchase offer for Aabar Investments PJSC shares expired.
Aldar slumped to the lowest since February 2009 as EFG joined banks cutting its recommendation on the shares. Aabar, the investor de-listing from the bourse, tumbled 6.7 percent. Abu Dhabi’s ADX General Index lost 0.6 percent, the most since June 30, to 2,511.45, at the 2 p.m. close in the capital. Dubai’s benchmark rose 0.5 percent and the Bloomberg GCC 200 Index gained 0.2 percent at 2:52 p.m. in Abu Dhabi.
“The Aldar downgrades and fears of dilution have contributed to negative sentiment,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-largest lender by assets. “Confidence in the market is low as second-quarter earnings failed to impress and as volumes continue to fall.”
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