MIDEAST STOCKS-Banks hold back most of Gulf; lender FAB boosts Abu Dhabi - Reuters:
Most major Gulf stock markets weakened on
Wednesday, largely pulled down by losses in banks, but Abu Dhabi
bucked the trend on the back of top lender First Abu Dhabi Bank
(FAB).
Saudi Arabia's benchmark index retreated 0.2%,
offsetting earlier gains in the day. Samba Financial Group
declined 1.6%, while Saudi British Bank was
down 1.7%.
State-owned oil giant Saudi Aramco slipped 0.3% to
34.5 riyals. EFG Hermes on Wednesday initiated Aramco's coverage
with a "neutral" rating, in line with most other brokerages, and
set a target price of 34 riyals ($9.06) per share.
The Abu Dhabi index gained 1% with First Abu Dhabi
Bank rising 1.4% and International Holding
soaring 14.9%.
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