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Sunday, 20 November 2016

Abu Dhabi Stocks Drop Most in Month to Lead Decline Across Gulf - Bloomberg

Abu Dhabi Stocks Drop Most in Month to Lead Decline Across Gulf - Bloomberg:
"Abu Dhabi stocks retreated the most in a month after three banks said they were unaware of plans for possible mergers, dashing investor optimism that competition in the emirate’s financial sector will ease.
Abu Dhabi’s ADX General Index fell 1.7 percent after Abu Dhabi Commercial Bank PJSC, Union National Bank PJSC and Abu Dhabi Islamic Bank PJSC made statements to the bourse about reports of potential combinations. All three lenders were suspended briefly before sinking at least 0.8 percent. Saudi Arabia’s Tadawul All Share Index reversed gains of as much as 0.5 percent.
The shares of all three lenders rallied last week on reports the government was considering more financial-institution mergers after combining National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC. The emirate is consolidating companies after the price of oil, one of its main sources of revenue, declined more than 40 percent in the past two years."

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