Page 59 - SALIK PR REPORT MAY 2024

5/23/24, 1:24 PM Most major Gulf bourses drop, Abu Dhabi hits two-year low — TradingView News
Most major Gulf bourses drop,

Abu Dhabi hits two-year low

May 22, 202417:47 GMT+4

BRN1! +0.27% FADGI −0.86% ALPHADHABI −6.29% ALDAR −1.54%

Most major stock markets in the Gulf slipped on Wednesday amid falling oil

prices, with investors awaiting minutes of the U.S. Federal Reserve's latest
policy meeting for clues on the timing of a rate cut.

Oil prices, a catalyst for the Gulf's financial markets, dropped for a third

straight session, with Brent BRN1! down 1% at $82.07 a barrel by 1310 GMT.

The Abu Dhabi benchmark index FADGI fell 0.4% to 8,973, its lowest level in

more than two years with most of its constituents posting losses. The

conglomerate Alpha Dhabi Holding ALPHADHABI declined 2.9% and Aldar

Properties ALDAR , the emirate's largest developer, slid 3.6%.

Bayanat AI BAYANAT and Presight AI Holding PRESIGHT lost 6.1% and 3.1%

respectively.

Meanwhile, Bayanat and Presight's parent company G42 and Microsoft said they
will invest $1 billion in a data center in Kenya as part of its efforts to expand

cloud-computing services in East Africa.

Dubai's benchmark index DFMGI slipped 0.4%, with tolls operator Salik

Company SALIK falling 2.1% and Emirates NBD EMIRATESNBD , the emirate's

largest bank, down 1.5%.

https://www.tradingview.com/news/reuters.com,2024:newsml_L4N3HP2MY:0-most-major-gulf-bourses-drop-abu-dhabi-hits-two-year-low/ 1/3