Abu Dhabi market makes detour ahead of 5,000 points
The Abu Dhabi Securities Exchange General Index (ADXGI) fell by 0.64 per cent to 4,923.47 points on Thursday, April 3, despite positive market breadth. United Arab Bank and Bank of Umm Al-Qaiwain fell by 8.75 per cent and 7.05 per cent, respectively. Oil prices (DME crude) retreated by $0.94 to $101.53 today. Farouk Soussa, the chief economist for the Mena region at Citigroup in London said earlier today “We expect prices to come under more pressure as the year progresses and Iraqi production continues higher and Iranian barrels come back to the market assuming negotiations with the P5+1 continue to progress.” Abu Dhabi is a major oil supplier; with approximately eight per cent of known oil reserves are located in the UAE’s capital emirate.