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MIDEAST STOCKS-Abu Dhabi outperforms in otherwise light trading around region
April 4, 2017 / 7:47 AM / 8 months ago

MIDEAST STOCKS-Abu Dhabi outperforms in otherwise light trading around region

DUBAI, April 4 (Reuters) - Abu Dhabi’s stock market index outperformed early on Tuesday in otherwise light trading around the region.

Shares of recently merged First Abu Dhabi Bank were up 2.4 percent, helping lift Abu Dhabi’s index 0.8 percent higher.

Shares of Abu Dhabi National Energy, however, lost 1.8 percent as investors booked profits after they had soared 24 percent since Sunday.

On Tuesday, TAQA said government-run utility company Abu Dhabi Water & Electricity Authority (Adwea) has raised its stake in the energy company to 74 percent from 52.38 percent.

Dubai’s index were flat with the majority of trade focused on small to mid-sized shares. Shuaa Capital was up 1.1 percent and Union Properties was up 1.0 percent, heading for its third day of gains.

In Qatar, the index was down 0.1 percent as shares of Qatar International Islamic Bank dropped 5.9 percent as they went ex-dividend.

Saudi Arabia’s index barely moved after half an hour of trade with 56 shares declining and 44 advancing.

Dairy and juice producer National Agriculture Development rebounded 2.9 percent, after it fell 2.1 percent the previous session.

Petrochemical producer Yanbu National Petrochemical was down 1.3 percent. (Reporting by Celine Aswad; Editing by Tom Heneghan)

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