MIDEAST STOCKS-Newly formed ADCB dents Abu Dhabi; major Gulf markets slide - Reuters:
Abu Dhabi’s stock market dropped on Wednesday, pressured by Abu Dhabi Commercial Bank, as it traded for the first time as a merged entity after its three-way merger with Union National Bank and Al Hilal Bank.
The Abu Dhabi index was down 0.6 percent, led by a 2.9 percent decrease in Abu Dhabi Commercial Bank. The company, along with Union National Bank and Al Hilal Bank had agreed to a merger in January to create the third-largest bank in the United Arab Emirates.
First Abu Dhabi Bank continued its losing streak for the sixth straight day, falling 0.6 percent. The lender saw a fall in its first-quarter customer deposits, net interest margins and a rise in expenses.
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