x Abu Dhabi, UAEMonday 24 July 2017

Bourses hit by bank figures

National Bank of Abu Dhabi (NBAD) and Abu Dhabi Commercial Bank (ADCB) declined after posting mixed quarterly results on Tuesday.

NBAD declined by 0.4 per cent.
NBAD declined by 0.4 per cent.

Disappointing earnings from banks pushed the country's bourses lower yesterday.

National Bank of Abu Dhabi (NBAD) and Abu Dhabi Commercial Bank (ADCB) declined after posting mixed quarterly results on Tuesday, while most other stocks in the UAE retreated in response to hesitancy in global equities.

NBAD and ADCB each dropped 0.4 per cent. Both saw third-quarter profit rise but some analysts said they were concerned by the lenders' loan growth.

The Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2,822 points. The Dubai Financial Market General Index fell more sharply, by 0.7 per cent to 1,732 points.

"Today's decline is mostly on selling pressure on commodities and the failure of international markets to maintain their upward momentum," said Marwan Shurrab, the vice-president and chief trader at Gulfmena Alternative Investments.

"Dubai is in a consolidation phase, trading between 1,720 and 1,770 points, and I would expect to see some accumulation on the dips as investors try to benefit from any rebound within this range."

Emaar Properties fell 1.6 per cent. The country's largest company by market capitalisation reported after the close of trading that its profits had dropped 7 per cent in the third quarter compared with the same period last year.

Elsewhere in the region: Qatar lost 0.2 per cent to 7,795.73; Oman dropped 0.3 per cent to 6,572.90; Kuwait gained 0.3 per cent to 7,049.30; Bahrain lost 0.1 per cent to 1,464.67; and the Saudi Tadawul All-Share Index lost 0.3 per cent to 6,309.92.

* with Reuters