Gulf stocks edge lower; FGB weighs on Abu Dhabi

Stock markets in the Gulf were mainly negative on Monday, with banks dragging down Abu Dhabi and Qatar.

Abu Dhabi’s general index slumped 1.2 percent to 4,382 points as heavyweight First Gulf Bank dropped down 3.6 percent to AED 12.05. The lender, which is due to merge with National Bank of Abu Dhabi (NBAD), has been on a losing streak since the stock went ex-dividend.

NBAD was down nearly 2 percent at AED 10, while Invest Bank fell 4.2 percent to AED 2.3.

In Dubai, the main index edged up 0.6 percent to 3,501 points as Emaar Properties reversed its initial decline. The developer rose 0.3 percent to AED 7.26.

Shuaa Capital climbed 3.2 percent to AED 1.93, extending gains from last session. The investment firm said it is set to acquire Integrated Capital and Integrated Securities from Integrated Financial Group, pending regulatory approvals.

GFH Financial surged 7 percent to AED 2.75 in heavy trade.

Elsewhere, Qatar’s QE index fell 1.2 percent to 10,361 points, with Qatar National Bank down 2.7 percent to QAR 144.5.

In the rest of the region, Kuwait’s price index declined 0.5 percent. Saudi Arabia’s Tadawul All Share Index (TASI) was last trading down 0.1 percent.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com