Abu Dhabi Stocks Extend Losing Streak to Seventh Day: Inside EM

(Bloomberg) -- Stocks in Abu Dhabi extended their losing streak for a seventh-straight session, the longest since May 2017.

The ADX General Index’s heaviest member, First Abu Dhabi Bank, fell 1.6 percent, placing the most pressure on the gauge. Last week, the index erased all its gains for the year.

Most equity measures in the Middle East retreated, mimicking a drop in emerging-market peers on Friday.

MIDDLE EASTERN MARKETS:

• Abu Dhabi’s ADX General Index retreats 0.9%
  • The gauge fell below its 100-day moving average last week, a move that hasn’t happened since Nov.
• In Egypt, the EGX30 Index rises 0.5%
  • Earlier: Egypt Feb. Urban Consumer Prices Rise 14.4% From a Year Ago
• In Dubai, the DFM General Index falls 0.6%
  • Emaar Properties drops 0.8%, trimming its gain this year to 14%
• The Tadawul Banks Index loses 0.2% after advancing as much as 0.4% earlier
  • READ: Five Trends Are Reshaping Saudi Arabia’s Big Banks This Year
• Doha’s QE Index drops 0.1%, extending loss this year to 5%
  • MORE: Danger Sign for Qatar Stocks as Neighbors Lure Foreign Investors

--With assistance from Filipe Pacheco.

To contact the reporter on this story: Abeer Abu Omar in Dubai at aabuomar@bloomberg.net

To contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, James Amott

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