The Dubai Financial Market General Index loses 1.3 per cent to 1,698.56 points and the Abu Dhabi Securities Exchange General Index fell 0.3 per cent to 2,762.83 points.
Local markets fall on poor property results
Dismal property results released yesterday weighed on the country's markets today as the Dubai bourse fell to its lowest point in 10 weeks in early trading today.
The Dubai Financial Market (DFM) General Index lost 1.3 per cent to 1,698.56 points and the Abu Dhabi Securities Exchange General Index fell 0.3 per cent to 2,762.83 points.
Arabtec continued to put pressure on the Dubai market as it slipped 4.4 per cent to Dh1.95. The UAE's biggest builder reported a lower than expected profit yesterday.
Property peers also fell on weak third quarter results. Deyaar Development fell 0.9 per cent to Dh0.31 and Emaar Properties fell 2.4 per cent to Dh3.65.
In Abu Dhabi, Aldar Properties drove selling pressure as it fell nearly 4 per cent to Dh2.22.
Etisalat was one of the few gainers in the morning session and ticked 0.4 per cent higher to Dh11.05.
It comes as the board of Zain, the Kuwaiti phone company, today said it approved a request to conduct a due diligence for a possible stake sale to Etisalat. Also, Etisalat's main competitor, du, reported strong earnings.
Elsewhere in the region: Kuwait fell 0.7 per cent to 7,063.70; Oman rose 0.2 per cent to 6,564.3; Qatar slipped 0.01 per cent to 7,957.67; Bahrain dropped 0.1 per cent to 1,461.57 and the Saudi Tadawul All-Share Index lost 0.4 per cent to 6,436.21.