Abu Dhabi Stocks Drop Most in Month to Lead Decline Across Gulf
- Equity indexes also fell in Riyadh, Dubai and Kuwait City
- Abu Dhabi suspended three banks said to be part of mergers
Abu Dhabi Stocks Fall Most in a Month
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Abu Dhabi stocks retreated the most in a month after three banks said they were unaware of plans for possible mergers, dashing investor optimism that competition in the emirate’s financial sector will ease.
Abu Dhabi’s ADX General Index fell 1.7 percent after Abu Dhabi Commercial Bank PJSC, Union National Bank PJSC and Abu Dhabi Islamic Bank PJSC made statements to the bourse about reports of potential combinations. The lenders were suspended briefly before sinking at least 0.8 percent. Saudi Arabia’s Tadawul All Share Index reversed gains of as much as 0.5 percent.