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Dubai's Depa falls 10% on emirate's bourse

Markets Update: First quarter earnings have begun to influence the movement of Gulf markets - with video.

Depa shed nearly ten per cent of its value on the Nasdaq exchange this morning after it reported a loss and as first quarter earnings begin to dictate the movement of the market.

UAE-based provider of furnishing for hotels and yachts slumped 9.7 per cent on Dubai's second bourse, Nasdaq Dubai, after it reported a loss of Dh198.2 million ($54m) last year after a profit in 2009.

In the capital, First Gulf Bank led the way as it climbed 1.2 per cent to Dh16.2. The chief executive of the bank said the bank would shut its operations in Libya to comply with UN sanctions just months are opening a second branch there.

The Abu Dhabi Securities Exchange slipped marginally to 2,604.16 per cent and the Dubai Financial Market General Index rose 0.7 per cent to 1,567.72 points

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Top story: Soaring aviation fees threaten Iraq's recovery

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Air Arabia dragged on the Dubai Financial Market as investment bank Nomura, last week cut the target price for the low-cost carrier as higher jet fuel prices are expected to cut into the company's cost base. It fell 0.5 per cent to 75 fils.

Nomura cut the target price for Air Arabia to Dh1.1 from Dh1.3 but reiterated its buy rating on the stock.

Egypt's exchange will move one step closer to normal trading today, as it resumes its normal 4-hour trading session. The market had been open for just 3 hours to limit the impact of any shock to the market.

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