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ADX banks fall to 2-month-low on Fitch ratings

ADX banks fall to 2-month-low on Fitch ratings
Photo Credit: Arabianeye-Reuters
ADCB
ADCB
1.45% 8.40 0.12
FAB
NBAD
-0.59% 13.40 -0.08
FGB
FGB
-0.39% 12.90 -0.05

 

Abu Dhabi – Mubasher: Abu Dhabi-listed First Gulf Bank (FGB) and Abu Dhabi Commercial Bank (ADCB) suffered significant selling during Thursday’s mid-trades, bringing the banking sector down by 3.16%. This follows Fitch affirming its ratings for four Abu Dhabi banks.

On Thursday, Fitch affirmed ratings for FGB, ADCB, the National Bank of Abu Dhabi (NBAD) and Union National Bank (UNB).

ADCB was the only gainer whereas UNB had not seen yet any trades at this point.

The banking sector’s decline brought the ADX to its lowest levels since 8 January.

FGB dropped 5.81% to AED 14.60, following a turnover of AED 34 million. The bank ranked second most active stock in terms of trade value.

ADCB lost 0.26% to AED 7.68 following a turnover of AED 3.6 million.

On the other hand, market-maker NBAD added 0.37% to AED 13.50 after a meagre turnover of AED 59,372.  

The ADX’s general index plunged by 86.77 points or 1.86% to 4585.83 points.

Fitch had announced affirming its long-and-short-term issuer default ratings (IDR) for five UAE banks, of which four are in Abu Dhabi and one is in Dubai as part of its review of the UAE banking sector.