x Abu Dhabi, UAESaturday 22 July 2017

ADX down as Etisalat slips

Abu Dhabi's shares declined yesterday as investors sold shares of Etisalat after disappointing annual results.

Etisalat on Thursday reported a 24 per cent decline in profit to Dh5.8 billion for last year. Sarah Dea / The National
Etisalat on Thursday reported a 24 per cent decline in profit to Dh5.8 billion for last year. Sarah Dea / The National

Abu Dhabi's index fell to its lowest level in almost two weeks as investors sold shares of Etisalat after full-year results from the region's largest telecommunications operator by market value missed analyst expectations.

Etisalat on Thursday reported a 24 per cent decline in profit to Dh5.8 billion for last year, compared with Dh7.6bn for 2010.

The company, which holds the largest weighting on the Abu Dhabi Index, declined 2.4 per cent to Dh9.22 on a low trading volume.

The exchange lost 0.3 per cent to close at 2,457.49, its lowest since January 31.

"The results have not been good," said Marwan Shurrab, the vice president and chief trader at Gulfmena Investments in Dubai. "Etisalat is only accessible to local players, which is why turnover was low in trading today. But because of its weighting on the index, it was able to bring the market down."

The investment bank Shuaa Capital, listed in Dubai, surged 14.9 per cent to 68 fils ahead of its fourth-quarter results, expected to be released prior to trading today. The Dubai Financial Market General Index was little changed at 1,486.28.

Elsewhere in the region, Kuwait's index rose 0.6 per cent to 5,904.30, Bahrain's rose 0.1 per cent to 1,138.76, Oman's MSM 30 Index slipped 0.3 per cent to 5,601.33, and Qatar's QE Index lost 0.1 per cent to close at 8,681.47. The Saudi Tadawul All-Share Index was little changed at 6,802.94.

halsayegh@thenational.ae

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