The Abu Dhabi index closed lower on Friday as shares of First Abu Dhabi Bank plunged after the Emirates-based bank said it was no longer considering a bid to acquire Standard Chartered.

The index fell 0.7%, with Alpha Abu Dhabi Holding Group’s share falling 1.3%, Abu Dhabi National Energy Company’s share down 0.6% and First Abu Dhabi Bank’s share down 2.3%. .

The Dubai Market Index fell 0.4%, Dubai Islamic Bank fell 1.1% and shares of leading company Emaar Properties shed 0.7%.

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