MIDEAST STOCKS-Banks drag down Abu Dhabi, petrochems lift Saudi index | Reuters:
Banks led the Abu Dhabi stock market sharply lower on Wednesday, while Saudi Arabia gained on the back of a rise in petrochemical shares.
Abu Dhabi’s index fell 1.6 percent, with much of the loss coming in the final 10 minutes of trade. First Abu Dhabi Bank, the largest lender in the United Arab Emirates, declined 2.6 percent and Abu Dhabi Commercial Bank shed 2.2 percent.
But Abu Dhabi National Hotels gained 6.9 percent. It said on Tuesday that it had acquired five hotels in Dubai from Emaar Properties, which edged up 0.2 percent.
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