MIDEAST STOCKS- Gulf stocks hit by global market weakness, IPOs boost Egypt | Reuters:
Gulf markets ended lower on Sunday, weighed down by weak global markets and a drop in oil price, but Egyptian stocks defied the trend, gaining on the back of positive momentum generated by the initial public offering of a state-owned company.
Abu Dhabi's stock index lost 0.9 percent, hurt mainly by First Abu Dhabi Bank, which was down 1.6 percent, while other banks were also lower.
FAB's shares were hit partly by technical factors, as the stock fell through its fifty-day moving average on Thursday and also below its 100 day moving average, an analyst said.
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