x Abu Dhabi, UAEFriday 21 July 2017

UAE's markets turn downwards

Dubai's stock-market ends the trading week on a negative note as earnings results disappoint.

The Dubai Financial Market (DFM) General Index declined yesterday amid investor disappointment after Emirates NBD's fourth-quarter results missed expectations.

Emirates NBD's share price slumped 4.6 per cent to Dh2.86. The country's biggest lender by assets on Wednesday reported a profit of Dh152 million for last year's final quarter, a decline of 62 per cent from the same period a year earlier. Although the Dubai index declined 0.4 per cent to 1,516.05 yesterday, it has outperformed regional indexes in the Gulf, and is up 12 per cent since January 1.

"Markets need to take a breath from the continuous marathon we have seen so far," said Wadah Al Taha, the chief investment officer at Al Zarooni Group, an investment company based in Dubai. "It's healthy, especially for Dubai."

In the capital, Aldar Properties declined 0.9 per cent to Dh1.01. Sorouh Real Estate fell 1 per cent to 99 fils. The Abu Dhabi Securities Exchange General Index was down 0.5 per cent to 2,474.43.

Kuwait's measure rose 0.3 per cent to 5,982.20 after the country's market watchdog instructed the bourse to delist nine companies. Among these are Wataniya Airways, International Investment Group, International Leasing and Investment Dar.

Elsewhere in the region: Kuwait's measure gained 0.3 per cent to close at 5,982.20; Bahrain's added 0.1 per cent to close at 1,143.77; Oman's MSM 30 Index rose 0.3 per cent to 5,653.51; and Qatar's QE Index fell 1 per cent to 8,544.18. The Saudi Tadawul was closed for the day.

halsayegh@thenational.ae

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