DUBAI: Abu Dhabi’s stock market fell sharply on Sunday, weighed down by the country’s largest lender First Abu Dhabi Bank, while other Gulf markets were mostly flat.
In Abu Dhabi, the index slid 1.5 percent, its biggest fall since August, as First Abu Dhabi Bank (FAB) retreated 2.4 percent, while telecoms firm Emirates Telecommunications was down 1.2 percent.
Among other stocks, Aldar Properties declined 2.7 percent, extending losses for a fourth straight session.
The property developer reported on Nov. 12 a near 8 percent drop in third quarter profit.
Arqaam Capital had a net profit forecast of AED435 million and EFG Hermes had projected AED429 million, whereas the firm reported a net profit of AED387 million.
In Saudi Arabia, the index reversed course to gain 0.1 percent driven by a 2.4 percent rise in Al-Rajhi Bank and a 0.9 percent increase in Alinma Bank.
Elsewhere, Saudi Paper Manufacturing advanced 2.9 percent following an approval for a SR52 million ($13.87 million) grant.
Dubai’s index edged up 0.1 percent, led by a 4.7 percent leap in Emirates NBD. On Wednesday, the emirate’s largest lender confirmed the sale of 31 million shares in Network International Holdings for $205 million.
Union Properties rose 2 percent after reporting third quarter losses that were narrower than in the previous quarter. However, the gains were capped by losses in Arabtec Holding, which dived 9.6 percent, its biggest fall since May.
The Dubai-listed contractor swung to a third quarter loss of AED437.4 million ($119.09 million), compared with a profit of AED67.5 million a year ago.
The Qatari index was down 0.5 percent with the Gulf’s largest lender Qatar National Bank decreasing 1.1 percent and Industries Qatar losing 1 percent.
Outside of the Gulf, Egypt’s blue-chip index edged up 0.1 percent with Commercial International Bank adding 0.7 percent.
However, Sidi Kerir Petrochemicals closed down
6.4 percent, stretching its losing streak for a fifth session. On Tuesday, the firm reported a steep fall in its nine-month net profit.