Other UAE banks attract attention as Emirates NBD extends falls
Dubai: Emirates NBD shares fell on Wednesday, extending losses for the eighth session, as traders shifted to other banks like Dubai Islamic Bank and First Abu Dhabi Bank.
Emirates NBD closed 2.28 per cent lower to Dh8.99. Shares Emirates NBD, which has a weightage of more than 7 per cent on the index, have shed 15 per cent in the past eight sessions. The Dubai Financial Market General index closed 0.81 per cent lower to 2,817.98.
“Emirates NBD continued its decline with investors’ appetite for the stock diminishing due to the lack of information from the bank’s representatives on the implications of the lira drop,” Issam Kassabieh, Senior Financial Analyst at Menacorp, said.
“As expected, investors found comfort in First Abu Dhabi Bank after exiting other banking stocks,” Kassabieh said.
First Abu Dhabi Bank closed 0.35 per cent higher to Dh14.35. Dubai Islamic Bank closed 1 per cent higher to Dh5.06.
In other stocks, Drake and Scull closed 4.19 per cent lower to Dh0.457.
Gulf Finance House closed flat at Dh1.41. DP World closed 0.91 per cent lower to $21.70.
The Abu Dhabi Securities Exchange general index closed 1.16 per cent higher to 4,886.14. Agthia closed 5.59 per cent higher to Dh4.91. Waha Capital closed 3.35 per cent higher to Dh1.85. Etisalat closed 0.2 per cent higher to Dh16.9. Sharjah Islamic Bank closed 0.82 per cent higher to Dh1.23.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.35 per cent lower to 7,865.68. Alinma Bank closed 0.91 per cent lower to 21.78 Saudi riyals.
Saudi Basic Industries Corp. closed 0.32 per cent higher to 123.80 riyals.
Al Rajhi Bank closed 1.19 per cent lower to 83.20 riyals.
The Muscat MSM 30 index closed 0.37 per cent higher to 4,389.44. The Qatar exchange index closed 0.81 per cent lower to 9,556.64. The Kuwait index closed at 5,205.74, down 0.23 per cent. The Bahrain all share index closed 0.16 per cent higher to 1,343.30.