Markets dipped yesterday as investors waited for earnings results for the first quarter from remaining bluechip companies yet to report.
Property holds the key as investors sit tight
Local bourses slipped yesterday as investors awaited the final first-quarter results to trickle out from the property and construction sector.
Sorouh Real Estate, Abu Dhabi's second-largest developer, set the tone for the sector on Thursday when it disclosed a 50 per cent decrease in first-quarter net income.
The Abu Dhabi Securities Exchange General Index lost 0.1 per cent to 2,690.87 points. Sorouh slipped 0.7 per cent to Dh1.41 a share.
"There's a little bit of consolidation with markets needing a catalyst," said Haissam Arabi, the chief executive of Gulfmena Investments in Dubai. "We're still waiting for blue chips to report their earnings, so it's natural to see stocks moving sideways."
The Dubai Financial Market General Index declined 0.3 per cent to 1,628.43 points. Emaar Properties, Dubai's biggest developer, lost 1.2 per cent to Dh3.25 a share.
In the capital, Aldar Properties is yet to disclose its results for the first quarter.
In Dubai, investors are waiting on Drake & Scull International and Arabtec Holding to report their results.
On the Nasdaq Dubai exchange, DP World declined 0.9 per cent to 66 US cents a share.
"Markets are experiencing a technical correction," said Nabil Farhat, a partner at Al Fajer Securities in Abu Dhabi. "We are close to the bottom, but not there yet."
Elsewhere in the region: Kuwait's measure lost 0.2 per cent to 6,508.30 points; Qatar's benchmark was unchanged at 8,540.54 points; Oman's index was unchanged at 6,334.39; markets in Bahrain and Egypt were closed for a holiday.
The Saudi Tadawul All-Share Index was down 0.4 per cent to 6,683.92.