MIDEAST STOCKS-Ease in restrictions boosts Dubai; lender FAB drags Abu Dhabi - Agricultural Commodities - Reuters:
Dubai's stock market closed higher on
Wednesday after the emirate further eased coronavirus-related
restrictions, but the Abu Dhabi index was pressured by First Abu
Dhabi Bank on its exposure to in-liquidation agri-trader
Phoenix.
The United Arab Emirates business and tourism hub Dubai has
allowed public parks to reopen and hotel guests to access
private beaches, state media said, as the emirate gradually
lifts restrictions imposed to combat the coronavirus.
Dubai's main share index gained 1.5%, with Emirates
NBD Bank rising 4.1%. Sharia-compliant lender Dubai
Islamic Bank was up 2.4%.
The Abu Dhabi index declined 1.8%, weighed down by a
3.8% slide in First Abu Dhabi Bank (FAB). FAB, the
United Arab Emirates' largest bank, said on Wednesday it has
$73.2 million of exposure to agri-trader Phoenix Commodities and
related entities.
This was the biggest exposure so far disclosed by a UAE bank
to the group, which has entered liquidation after amassing more
than $400 million in potential trading losses, according a
document prepared by the liquidators and seen by Reuters.
No comments:
Post a Comment