x Abu Dhabi, UAEFriday 28 July 2017

Gloom on Dubai bourse

Markets Update: Local stock-markets declined yesterday ahead of fourth quarter earnings season with the expectation of disappointing results from UAE companies.

Shares on the Dubai Financial Market General Index declined the most in a week yesterday ahead of earnings reports as investors expected disappointing results for the fourth quarter.

Emaar Properties, the developer of the Burj Khalifa, fell 2.4 per cent to Dh2.44.

A consensus of analysts polled by Bloomberg News expects the region's biggest developer to report a 33 per cent drop in full-year earnings to Dh1.6 billion.

"Fourth-quarter results will show insignificant growth," said Tariq Qaqish, a senior fund manager at Al Mal Capital. "Nobody is expecting good numbers."

Emirates NBD declined 2.2 per cent to Dh2.65.

The country's biggest lender by assets is expected to show a 57.6 per cent decline in quarterly profit to Dh172.1 million, according to analysts polled by Reuters.

Emirates NBD reported a net profit of Dh406.4m in the fourth quarter of 2010.

Dubai's main benchmark lost 0.9 per cent, the most since January 8, to 1,314.47.

Aldar Properties, Abu Dhabi's biggest developer, fell 3.7 per cent to 78 fils. Sorouh Real Estate, the capital's second-biggest developer, slumped 4.1 per cent to 69 fils. RAK Properties lost 3.5 per cent to close at 27 fils.

The Abu Dhabi Securities Exchange General Index was 0.6 per cent lower at 2,344.18 at the close.

Elsewhere in the region: Kuwait's index rose 0.3 per cent 5,765.40; Bahrain's All-Share Index rose 0.1 per cent to 1,134.59; Oman's MSM 30 Index fell 0.8 per cent to 5,643.79; and Qatar's QE Index was down 0.7 per cent to 8,638.18.

halsayegh@thenational.ae