Mideast Stocks: Banks weigh on UAE bourses, blue-chips hurt Egypt | ZAWYA MENA Edition:
Stock markets in the United Arab Emirates ended lower on Sunday, pulled down by banking shares after Moody's revised its outlook for some lenders, while Egypt suffered a sell-off in blue chips.
In Dubai, the index dropped 0.9%, with Emirates NBD shedding 3.9%, its biggest intraday fall since May, while sharia-compliant lender Dubai Islamic Bank (DIB) was down 2.5%.
Rating agency Moody's changed its outlook to negative from stable for eight banks in the United Arab Emirates due to the coronavirus outbreak, it said on Friday.
The banks include Emirates NBD and DIB.
The Abu Dhabi index slipped 0.2%, hurt by a 0.7% drop Emirates Telecommunications and a 0.6% drop in Abu Dhabi Commercial Bank (ADCB).
ADCB is amongst those banks for which Moody's revised its outlook to negative from stable.
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