MIDEAST STOCKS-FAB drags down Abu Dhabi but banks boost Saudi | Reuters:
Abu Dhabi’s stock market fell sharply to a four-month low on Thursday because of a slide in shares of First Abu Dhabi Bank, the United Arab Emirates’ largest lender, just before MSCI doubled its weighting of the stock in its indexes.
The Abu Dhabi index lost 2.3 percent amid record volume in FAB, which slumped 3 percent. A total of 57.9 million shares in the bank traded, by far the highest since its listing in April 2017.
MSCI decided on the weighting increase in its semi-annual index review in mid-November. Arqaam Capital estimated the increase, which takes effect at the end of this week, would attract $524 million of passive funds into the stock.
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