x Abu Dhabi, UAESaturday 22 July 2017

Shuua drags down Dubai bourse

Markets Update: Dubai's shares fell yesterday, after weak earnings by Shuaa Capital soured investor sentiment.

Shuaa Capital posted a loss of Dh156.2m. Andrew Parsons / Bloomberg News
Shuaa Capital posted a loss of Dh156.2m. Andrew Parsons / Bloomberg News

Dubai's shares fell yesterday, after weak earnings by Shuaa Capital soured investor sentiment.

The country's largest investment bank posted a loss of Dh156.2 million, after a profit of Dh200,000 in the same period a year earlier. It is planning a further round of job cuts.

Shuaa's shares tumbled 7.3 per cent to 69 fils.

The Dubai Financial Market General Index lost 0.8 per cent to 1,366.90. Abu Dhabi's Securities Exchange General Index declined 0.5 per cent to 2,461.17.

"What is happening here is in reaction to markets here and everywhere," said Fadi Al Said, a fund manager at ING Investment Management in Dubai. "There is no reason to go up right now."

Egypt's stock-exchange fell after demonstrations for a faster transition to democratic rule turned violent. The EGX 30 Index declined 2.4 per cent to 4,024.26.

European stock-markets closed mostly lower on Friday as investors reacted to rising Italian, Spanish and French borrowing costs amid the euro-zone debt concerns. Britain's FTSE 100 Index lost 1.1 per cent, Germany's Dax Index lost 0.8 per cent, while France's CAC Index lost 0.4 per cent.

Elsewhere in the region, Kuwait's measure lost 0.5 per cent to 5,825.20. Bahrain's measure added 1.2 per cent to 1,182.70. Oman's bourse lost 0.4 per cent to 5,498.50. Qatar's QE Index lost 0.4 per cent to 8,703.36 and the Saudi Tadawul All-Share Index moved up 0.1 per cent to 6,207.02 points.

 

halsayegh@thenational.ae

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