x Abu Dhabi, UAESunday 23 July 2017

Dubai stock market at its lowest point in nearly seven months

Dubai's shares end the third quarter 5.6 per cent lower as traders brace for earnings reports.

Aramex, the region's largest courier company, was down 1.6 per cent to Dh1.80. Pawan Singh / The National
Aramex, the region's largest courier company, was down 1.6 per cent to Dh1.80. Pawan Singh / The National

Dubai's shares fell yesterday, extending the decline for the third quarter to 5.6 per cent, with traders bracing for third-quarter earnings reports.

Tabreed, the UAE's largest district cooling company, was down 2.8 per cent to 65 fils a share on the Dubai Financial Market (DFM).

Drake & Scull International, Dubai's second-biggest contractor, slumped 3.7 per cent to 80 fils a share. Aramex, the region's largest courier company, was down 1.6 per cent to Dh1.80.

The DFM General Index fell 0.4 per cent to 1,431.71 yesterday, the lowest since March 8.

"We're hoping for stability in bad news," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai. "As long as these increase from week to week, it harms performance."

In the capital, property and construction shares also traded down. Aldar Properties was down 0.8 per cent to Dh1.17 a share on the Abu Dhabi Securities Exchange (ADX) General Index.

Ras Al Khaimah Cement was down 6 per cent to 78 fils a share. Sorouh Real Estate was down 0.9 per cent to Dh1.08 a share.

The ADX was little changed at 2,533.41 points.

Elsewhere in the region: Kuwait's measure lost 0.2 per cent to 5,833.10 points; Bahrain's index dropped 1.4 per cent to 1,165.75: Oman's bourse lost 0.1 per cent to 5,602.29; and Qatar's benchmark fell 0.3 per cent to 8,393.92.

The Saudi Tadawul All-Share Index was closed for the day.

halsayegh@thenational.ae