By: Mahmoud Gamal
Dubai – Mubasher: Mashreq Bank’s stock topped losers in Thursday’s mid-session, weighed down by the annual financials for 2016.
The bank’s stock fell 10% to AED 90.05 by 11:35am UAE time, generating QAR 2.037 million from the exchange of 22,630 shares through five transactions.
Profits declined 20% to AED 441 million ($120.04 million) in Q4-16, compared to AED 556 million ($151.35 million) in Q4-15. In 2016, profits decreased 20% to AED 1.93 billion from AED 2.4 billion in 2015.
The decline of Mashreq’s stock is normal amid the decline of the bank’s lower annual financials, capital market analyst Ahmed Ismail said.
The banking sector is still pressured by the slowdown of real estate sector, in addition to lending.
The few transactions exchanged on Mashreq shows that investors want to “hold” the stock which targets to reach AED 101, Ismail added.
Translated by: Julian Nabil
