Big names drag on Dubai

Dubai's stock market dipped yesterday, weighed down by Dubai Investments after the conglomerate reported a 54 per cent drop in second-quarter profit.

Dubai Investment's shares declined 4.6 per cent to 76 fils.

Net income for the company was Dh63.4 million in the quarter, down from Dh138.3m during the same period last year. Dubai Investments has the sixth-heaviest weighting on the emirate's benchmark.

The Dubai Financial Market General Index declined 1 per cent to 1,559.09.

"The index lost 16 points. A quarter of that was Dubai Investments," said Anatasios Dalgiannakis, the head of trading at Mubasher Financial Services based in Dubai.

Deyaar Development, the most actively traded stock, slumped 5.2 per cent to 36 fils. "It was clearly a retail-dominated activity today, the index was affected by a correction in retail names, such as Dubai Investments and Deyaar," said Mr Dalgiannakis.

In the capital, Aldar Properties, the developer behind Yas Island and Ferrari World, declined 2.4 per cent to Dh1.21.

Sorouh Real Estate, the developer behind Reem Island's Sun and Sky Towers, lost 0.9 per cent to Dh1.08.

The Abu Dhabi Securities Exchange General Index was also down, slipping 0.2 per cent to 2,504.76.

Elsewhere in the region: Kuwait was little changed, down 0.02 per cent to 5,732.08; Bahrain's index lost 0.4 per cent to 1,090.49; Oman's MSM 30 Index was little changed, down 0.08 per cent to 5,434.27; Qatar's QE Index added 0.05 per cent to 8,344.87.

The Saudi Tadawul All-Share Index moved 0.02 per cent to 6,943.64.

halsayegh@thenational.ae