Abu Dhabi Shares Drop, End 6-Day Winning Streak; NBAD Falls

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Abu Dhabi shares declined, ending the longest winning streak since September, as Asian stocks fell and before economic reports in the U.S.

National Bank of Abu Dhabi PJSC fell the most since Jan. 14 as HC Securities cut the price estimate of the United Arab Emirates’ second-biggest bank. First Gulf Bank PJSC ended a three-day winning streak. In Dubai, Arabtec fell the most in more than a week as the country’s largest construction company had its price projection cut at Deutsche Bank AG. The ADX General Index lost 0.7 percent, ending six days of gains, to 2,706.16 at 1:29 p.m. in the emirate. The measure has still gained 3 percent this week. Dubai’s benchmark index lost 0.3 percent.

“Stocks are drifting lower on low volumes, taking their cues from weakness in Asian trading,” said Mark Friedenthal, a fund manager at Abu Dhabi Commercial Bank PJSC. “There’s some hesitation leading into a weekend with a full calendar of pending U.S. economic data.”