Key Gulf stocks mostly down, FAB weighs on Abu Dhabi index

Abu Dhabi’s stock index dropped on Monday as its financial shares, particularly First Abu Dhabi Bank weighed on. Most major Gulf markets also went down.

The Abu Dhabi index lost 1 percent, with First Abu Dhabi Bank shedding 1.5 percent before announcing its first-quarter results later in the day.

Dana Gas slid 2.1 percent to drop for the third straight session. The company’s stock went ex-dividend on Thursday and has been sliding since.

Saudi Arabia’s main index was the only market to gain in early trading, going up 0.1 percent. Saudi British Bank rose 2.6 percent to its highest in four years after reporting a 24 percent increase in first-quarter net profit.

Zahrat Al Waha gained 1.5 percent after posting a two-fold rise in its first-quarter net profit.

Dubai’s index slipped 0.2 percent for its fifth straight day of loss, partly due to a 4.3 percent decline by Dubai Islamic Insurance And Reinsurance after its shareholders elected against a dividend distribution for 2018.

Islamic Arab Insurance Co also fell 1.6 percent after its shareholders decided against a dividend distribution for the year.

Qatar’s blue-chip index was down 0.1 percent. Real estate companies United Development and Barwa Real Estate lost 1.5 percent and 0.7 percent, respectively.

Source: Reuters