Abu Dhabi shares record worst day in two months

Abu Dhabi shares experienced their worst performance in two months amid a sell-off in blue chips, while Dubai closed virtually unchanged.

The capital’s headline index shed 2.3 per cent at 4,373.54, with four of the index’s five biggest names closing lower.

FGB, the capital’s heaviest-weighted stock, closed 6.6 per cent lower, with Etisalat, NBAD and ADCB all closing in negative territory.


“We’re currently in a no-man’s land of a period after banking stocks have priced in and now priced out dividends for 2015, and crude oil prices are going nowhere,” said San­yalak Manibhandu, the head of research at NBAD Securities in Abu Dhabi. “In such an environment there’s little to do but lock in some cash.”

ADIB and Aldar bucked the trend, rising 2.1 per cent and 0.7 per cent, respectively.

Shares in Dubai fell by 1 per cent in the morning, before recovering in afternoon trading to finish flat at 3,386.62, with investor sentiment seemingly unaffected by Saturday’s flydubai flight FZ981 tragedy.

Shares in the low-cost carrier Air Arabia, the only listed airline in the UAE, gained 2.2 per cent at Dh1.38.

Arabtec surged 6.7 per cent at Dh1.73. After the close, the contractor announced a Dh1.7 billion deal to build 1,100 villas for Emiratis in Fujairah.

jeverington@thenational.ae

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