Abu Dhabi Stocks Drop, Matching Longest Losing Streak on Record - Bloomberg:
Abu Dhabi’s equity benchmark ADX General Index dropped on Wednesday, matching the gauge’s longest losing streak on record after extending its drop to a 10th session, as the index’s biggest member First Abu Dhabi Bank PJSC is facing pressure by more attractively valued peers.
The ADX has dropped 6.2 percent since the start of the month, making it the worst equity performer globally among major stock gauges tracked by Bloomberg.
FAB, which represents 43 percent of the index, is going to “come under more pressure” as investors could start rotating into other stocks, such as Abu Dhabi Commercial Bank PJSC, which currently trades at a 30 percent discount to FAB, said Jaap Meijer, managing director and head of equity research at Arqaam Capital Ltd, who has the only sell recommendation on FAB among analysts tracked by Bloomberg.
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