The “Hermes” deal vanished on the stock exchanges in Abu Dhabi and Egypt . the worst performance of the title in 15 years

The Abu Dhabi and Egyptian stock exchanges drove losses in Middle Eastern markets today, Thursday, after First Abu Dhabi Bank withdrew its offer to acquire a huge stake in financial group Hermes.

Shares of Hermes plunged about 20% in its largest loss in more than 15 years after First Abu Dhabi Bank withdrew an offer to buy a controlling stake in the Egyptian investment group. Meanwhile, First Abu Dhabi Bank shares fell 3.2%.

The Abu Dhabi Stock Exchange Index fell 1.3% to 9,966 points, the largest daily loss in over a month.

The Hermes title was the most in decline in the Egyptian blue-chip index, which fell by 1.5% to 10,680 points. The index fell 3.8% over the week.

“The Dubai market has been volatile with some investors locking in their gains . after a period during which the market was buoyed by the enthusiasm associated with Dewa’s listing,” said Fadi Riad, market analyst for the Middle East and North Africa region on Capex.com.

The Dubai index closed the session stable at 3585 points, Emaar Properties rose 1.5%, while Emirates NBD Bank fell 1.7%.

Oil prices have fallen in an environment of low trading volumes ahead of a public holiday as traders assessed a larger-than-expected increase in US oil inventories amid falling global supplies.

The Saudi market offset the losses incurred at the start of the session and closed the trades with a gain of 0.6%, 13621 points. During the week it increased by 2.3%.

The Qatar Stock Exchange Index fell 0.5% to 14,125 points.

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