Abu Dhabi and Egypt led losses among Middle East markets on Thursday, as First Abu Dhabi Bank (FAB) (FAB.AD) withdrew its offer to buy stake in Egypt's EFG Hermes (HRHO.CA).
EFG Hermes plunged nearly 20%, its biggest percentage fall in more than 15 years, after UAE's biggest lender said it has withdrawn its offer to buy a controlling stake in Egyptian investment bank EFG Hermes. read more
Shares of FAB fell 3.2%
Abu Dhabi's index (.FTFADGI) fell 1.3% in its biggest daily percentage fall in over a month.
Hermes was the biggest drag on Egypt's index (.EGX30), which ended 1.5% lower. The index has fallen 3.8% this week.
"The Dubai stock market was volatile as some investors moved to secure their gains... (after) A period during which the market was supported by the frenzy surrounding DEWA's listing," said Fadi Reyad, market analyst at CAPEX.com MENA.
Dubai's main share index (.DFMGI) ended flat.
Emaar Properties (EMAR.DU) rose 1.5% while Emirates NBD Bank (ENBD.DU) fell 1.7%.
Oil prices slipped amid thin trading volumes ahead of a public holiday as traders weighed a larger-than-expected build in U.S. oil stocks against tightening global supply.
Meanwhile, global stocks rose while bond yields and the euro fell on Thursday as the European Central Bank signalled a steady reduction of its stimulus.
Saudi Arabia's benchmark index (.TASI) erased early losses to end up 0.5%. It gained 2.3% for the week.
The region's March consumer price inflation rose 2% from a year earlier, according to government data. read more
The Qatari index (.QSI) fell 0.5%.
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