Abu Dhabi’s benchmark index dropped to the lowest in two months, declining for a sixth week, as Investbank retreated and Europe’s stocks fell from a two-month high.
Investbank, an Abu Dhabi-based lender, plunged the most in two months. Agthia Group PJSC, which operates in companies in the food and beverage business, tumbled to the lowest level in almost two years. The benchmark ADX General Index declined 0.4 percent to 2,477.80, the lowest since Aug. 12, at the 2 p.m. close in the emirate. The measure extended its loss for the week to 0.7 percent. About 28 million shares traded in Abu Dhabi today, compared with this year’s daily average of 67 million, according to data compiled by Bloomberg. The Bloomberg GCC 200 Index was unchanged at 54.17.
“What’s been controlling the market is a lack of interest toward blue-chip companies, leaving the market to retail investors trying to close positions before the weekend,” said Marwan Shurrab, assistant fund manager and chief trader at Dubai-based Gulfmena Alternative Investments. The decline in European stocks prices also helped trigger the selling, he said.
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