x Abu Dhabi, UAETuesday 25 July 2017

UAE investors cautious as stocks slip

Investors in Dubai and Abu Dhabi remained cautious this morning ahead of a slew of earnings results expected next week.

The country's stocks slipped at the start of the trading session Tuesday as cautious investors took profits ahead of more earnings results slated for next week.

The Dubai Financial Market General Index slumped 2.07 per cent to 1,744.99 points.

Insurance provider Takaful was the biggest loser on the Dubai exchange and fell 5 per cent to 0.85 while Deyaar Development, the most actively traded stock, lost 2.23 percent to 0.35.

Kuwait-based investment company Ekttitab Holding continued yesterday's rally that saw it hitting 15 per cent during intraday trading and rose 1.7 per cent to 0.54.

Marwan Shurrab at Gulf MENA Alternative Investment said: "There is some very obvious profit-taking before the announcement of results on Sunday. Investors are reducing their exposure to the large caps."

In Abu Dhabi, stocks faltered after Aldar Properties surprise announcement yesterday that its chief executive, John Bullough, has retired.

The construction company fell 7 per cent to 2.41.

The Abu Dhabi Securities Exchange General Index slid 0.7 per cent to 2,783.30 points.

Bourses elsewhere in the region were mixed: Oman fell 0.3 per cent to 6523.93; Qatar slipped 0.08 per cent to 7764.20; Bahrain lost 0.04 per cent to 1461.39; Kuwait ticked 0.1 per cent higher to 7091.00 and the Saudi Tadawul All-Share Index gained 0.2 per cent to 6363.99.