MIDEAST STOCKS-Financials pressure Abu Dhabi and Qatar, other Gulf markets down - Reuters:
The Abu Dhabi and Qatar stock markets fell sharply in early trading on Wednesday, dragged down by financial shares as other major Gulf markets lost ground.
Abu Dhabi’s index dropped 1.2 percent as First Abu Dhabi, the UAE’s largest bank, shed 1.7 percent. Methaq Takaful Insurance and Abu Dhabi Islamic Bank dropped 4.9 percent and 1.5 percent respectively.
Abu Dhabi Commercial Bank dropped 1.6 percent after posting a 5 percent fall in first-quarter profit last week. The bank, which formalised a merger with two other lenders last week, blamed lower interest income and higher cost of funds.
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