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Abu Dhabi market dives as gauge falls for the fifth session straight

The Abu Dhabi Securities Exchange General Index (ADXGI) plummeted by 2.77 per cent to close at 4,650.17 points on Wednesday, March 12. Aldar Properties dived 4.82 per cent to AED2.96. Dana Gas lost 3.70 per cent, falling to AED0.78. United Arab Bank bucked the trend and gained 14.87 per cent, reaching AED8.49. National Bank of Abu Dhabi (NBAD) dipped by 0.68 per cent to AED14.65. Earlier in the day, NBAD said that its shareholders approved a 40 per cent cash dividend and ten per cent bonus shares for 2013. Last year, NBAD’s net profits grew by 9.3 per cent to AED4.7 billion ($1.28bn).

Gérard Al-Fil