Abu Dhabi Stocks Lead Drop in Gulf Equities as Traders Cash In - Bloomberg Business

Abu Dhabi Stocks Lead Drop in Gulf Equities as Traders Cash In - Bloomberg Business:

"Abu Dhabi stocks headed for the steepest drop in two months, leading declines across most Gulf Arab equity markets, as traders locked in gains following the biggest jump since January.
The ADX General Index fell 2.5 percent to 4,366.80 at 11:52 a.m. local time, the biggest slide since Jan. 20 on a closing basis. The gauge climbed the most in seven weeks on Thursday. First Gulf Bank PJSC and Emirates Telecommunications Group Co., which together account for more than half of the gauge, led the emirate’s stocks lower. Dubai’s DFM General Index slipped 0.4 percent and Qatar’s QE Index was little changed.
The declines pare a rebound in most markets across the six-nation Gulf Cooperation Council, which in January slumped as oil traded at the lowest in more than a decade. Stocks in Dubai, Abu Dhabi and Qatar have since entered bull markets as oil recovered to above $40 per barrel and the cheapest stocks in at least five years lured investors back. The Bloomberg GCC 200 Index, which tracks the region’s biggest companies, climbed for five straight weeks ending March 17, the longest rising streak in almost a year."



'via Blog this'