x Abu Dhabi, UAEWednesday 17 January 2018

Air Arabia shares follow profits downwards

Markets Update: Markets declined on Wednesday, after Air Arabia's third quarter profit slumped 26 per cent.

Air Arabia slumped on Wednesday, its first decline in more than two weeks, after the region's biggest budget airline said profits dropped 26 per cent in the third quarter.

Net income fell to Dh100 million, down from Dh136 million a year earlier, the carrier said in a statement on Tuesday.

The shares lost 0.4 per cent, its first decline since Oct 16 to trade at 63 fils on the Dubai bourse.

Dubai's broader market, the Dubai Financial Market General Index slipped 0.1 per cent to 1381.08 points as investors booked profits ahead of the Eid holiday. The Abu Dhabi Securities Exchanged lost 0.2 per cent to 2489.89 points.

Markets will be closed for trading from Sunday Nov 6 to Tuesday Nov 8, and will re-open on Wednesday Nov 9.

Elsewhere in the region, Bahrain's index was little changed at 1145.61 points. Oman's index lost 0.3 per cent to 5560.61 points. Qatar's index was little changed at 8530.87 points. The Saudi Tadawul All-Share Index lost 1.1 per cent to 6155.10 points.