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Abu Dhabi developers lose, Union National Bank rebounds

The ADX General Index tumbled for the fourth session straight on Tuesday, December 16, closing at 3,892.08 points, representing a one-year low. The gauge closed beneath the lower Bollinger band for the fourth time in a row amid rising volumes, usually a sign that volatility will get exhausted.

Aldar Properties, the second developer in the UAE, plummeted 10 per cent (limit down) to hit AED1.98. The sentiment was overshadowing statements by rating agency Standard and Poor’s from yesterday which said it raised Aldar’s creditworthiness to investment grade, from BB+ to BBB- with ‘stable’ outlook” citing its improved financial profile through the reduction of its financial leverage and development risk, the increase in recurring rental income following the opening of Yas Mall and other investment properties, and the expectation that the Company will continue to benefit from continued property demand in Abu Dhabi.” Aldar rival Eshraq Properties lost nine per cent. Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank dived 10 per cent (limit down).

The shares of Union National Bank advanced by 0.60 per cent to reach AED5.02.

Gérard Al-Fil