First Abu Dhabi Bank (FAB) plunged 9.4%, to its biggest intraday loss since November 2009, after MSCI decided to maintain bank's weight in the index despite foreign ownership limit hike.

FAB's losses have been further exaggerated by volatile markets amid U.S.-China trade tensions and rise in Middle East tensions.

MSCI will maintain FAB's foreign inclusion factor at 25% in its international indexes, despite recent foreign ownership limit increase to 40% from 25%, Arqaam Capital said in a note.

Of 11 brokerages covering the stock, four rate it at 'buy' or higher, 6 at 'hold' and 1 at 'sell', according to Refinitiv Eikon data.

The stock acted as biggest drag on Abu Dhabi index pushing it down by 4.1%.

The stock down 0.9% YTD erasing all its gains for the year.

 

 

(Reporting by Ateeq Shariff in Bengaluru; Editing by Saeed Azhar) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))