(Reuters) – The banking losses led the stock market & # 39; Abu Dhabi for a sharp drop on Wednesday, while the Saudi stock exchange has received support from the rise in petrochemical stocks.
Businessman on the Stock Exchange & # 39; Riyadh on 7 & # 39; February, 2018. Video by Faisal Al-Nasser.
The overall index & # 39; & # 39 fell Abu Dhabi; 1.6 percent, b & # 39; most of the losses occurring in the last 10 minutes of trading. The first bank & # 39; Abu Dhabi, the largest bank in the UAE, fell 2.6 percent, while Abu Dhabi Commercial Bank fell by 2.2 percent.
But the National Hotels & # 39; Abu Dhabi jumped 6.9 percent after the company said on Tuesday it had acquired five hotels from Emaar Properties, which rose 0.2 percent.
The main indexes of Saudi Arabia rose 0.8 percent, with Saudi Basic Industries Corp (SABIC) gained 1.4 percent and Banque Saudi Fransi rose 1.5 percent.
The shares & # 39; Zain Saudi Telecom rose 3.2 percent, after the company agreed to sell its infrastructure for towers for 2.43 billion Riyals ($ 647.7 million).
The shares & # 39; Abdullah al-Khudari fell 4.6 percent, the biggest losers in the market, after shareholders refused to raise the capital of the construction company b & # 39; to 566 million Riyals ($ 151 million).
The index & # 39; Dubai fell 0.5 percent, hit session & # 39; lost five rounds, the lowest level since January 2016.
The Properties of & # 39; Union fell 5.4 percent, hitting reduction & # 39; 34 months. The stock was injured & # 39; by the weak real estate market in the emirate.
Damac Properties fell & # 39; 3.5 percent.
The main index & # 39; to Egypt increased by 0.7 percent, with Telecom Egypt gaining 5.8 percent, while Abu Kir Fertilizers and Chemical Industries gained 2.9 percent.
Egyptian banks issued short statements on proposed changes to taxes on income from their Treasury holdings, issue suffered by bank shares in recent days.
Al Baraka, Development, Housing and Masri Al Khalij said the proposed changes apply to new accounts and treasury bonds, without retroactive effect.
All banks have fallen on the bench, with the exception of the CIB, which rose 0.3 percent.
Following are the closing levels of the indices of the Middle East market:
Saudi Arabia: The index rose 0.8 percent to 7633 points.
– Dubai fell 0.5 percent to 2,685 points.
Abu Dhabi – The index fell 1.6 percent to 4881 points.
– Qatar. The index fell 0.3 percent to 10 330 points.
– Kuwait: The index rose 0.1 percent to 5340 points.
– Egypt – The index rose 0.7 percent to 13 309 points.
– Bahrain, the index rose 0.3 percent to 1325 points.
– Oman: The index rose 0.2 percent to 4,396 points.
Prepared for publication by Alaa Rushd Arab – Islam Edit Yahya