x Abu Dhabi, UAESaturday 29 July 2017

UAE markets nervously wait for property results

Markets Update: The UAE indexes edge lower on the last trading day of the week ahead of earnings results from the property sector starting Sunday.

The UAE stock markets edged lower ahead of expected fourth quarter earnings results from the country's property sector.

Emaar Properties, developer of the world's tallest building,the Burj Khalifa , lost 1.1 per cent to Dh2.69 a share. Arabtec Holding, Dubai's biggest contractor, lost 0.5 per cent to Dh1.85 a share. The Dubai Financial Market General Index lost 0.5 per cent to 1388.68 points.

Aldar Properties, developer of the Yas Island and Ferrari World, lost 2.2 per cent to 87 fils a share. Sorouh Real Estate, the capital's second biggest developer, lost 2.5 per cent to 78 fils a share. The Abu Dhabi Securities Exchange General Index lost 0.2 per cent to 2370.19 points.

Banks results this week were in line with analyst expectations. Property companies, however, are expected to show slower growth, according to analysts polled by Reuters.

Elsewhere in the region, Kuwait's index slipped 0.1 per cent to 5831.00 points. Bahrain's measure was little changed at 1141.30 points. Oman's MSM 30 Index added 0.2 per cent to 5597.86 points. Qatar's QE Index was little changed at 8423.94 points. The Saudi Tadawul was closed for the day.

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