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Abu Dhabi bourse remains fickle
- United Arab Emirates: Wednesday, September 30 - 2009 at 15:47
The ADX market plummeted at the beginning but eventually closed insignificantly lower at 3,124.22 points. Industry shares and financials struggled in particular. Banks were facing pressure after the ADX demanded full disclosure from them about their exposure in troubled groups Saad and Algosaibi. As a result six banks issued statements on this issue. The emirate's biggest lender National Bank of Abu Dhabi (NBAD) (unchanged at Dhs13.55) said in a public statement today that it has a total exposure of $8.7m to both group, adding that it has voluntarily disclosed this sum on July 28.
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Gérard Al-Fil, Financial JournalistWednesday, September 30 - 2009 at 15:47 UAE local time (GMT+4)
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