Abu Dhabi shares fell the most since March, led by banks, after Abu Dhabi Commercial Bank was lowered to "neutral" at EFG-Hermes Holding.
ADCB, the UAE’s third-largest bank by assets, slumped the most in four months, trimming the gain for the year to 47 percent. EFG-Hermes’ cut followed a reduction at Goldman Sachs Group Inc. yesterday. Emirates Telecommunications Corp., also known as Etisalat, dropped 1.4 percent. Abu Dhabi’s ADX General Index declined 1 percent, the most since March 31, to 2,730.54 at 12:58 pm in the emirate. The Bloomberg GCC 200 Index increased 0.7 percent.
“ADCB Investors decided to book profits after its big run up this year,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. Earnings may stabilize the stock “as it is expected to book around AED1.5bn ($408m) in profits - mainly from the one-time sale of RHB bank.”
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