Abu Dhabi shares fell the most since March, leading a Middle East drop, on concern regional political unrest may escalate amid tensions between Turkey and Syria. Egypt shares rose before presidential election results.
Abu Dhabi National Energy Co. (TAQA), the state-controlled power and oil producer known as Taqa, tumbled the most in more than a year. Emirates Telecommunications Corp. (ETISALAT), the biggest telephone company in the United Arab Emirates, fell for the first time in more than a week. The benchmark ADX General Index (ADSMI) retreated 1.1 percent, the most since March 7, to 2,480.84 at the close in the emirate. The Bloomberg GCC 200 Index (BGCC200) fell 0.5 percent at 1:12 p.m. in Riyadh while Egypt’s EGX 30 index rose 1.4 percent after tumbling 8.8 percent last week.
“All markets across the region are soft on very light activity,” said Julian Bruce, the Dubai-based director of institutional sales trading at EFG-Hermes Holding SAE. “An air of enhanced caution pervades as we await political developments in both Europe and the region.”
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