Positive indicators for international markets and oil prices nearing US$80 a barrel were not enough to lift UAE bourses after last week's spate of negative earnings reports.
Uncertainty a drag on bourses
Positive indicators for international markets and oil prices nearing US$80 a barrel were not enough to lift UAE bourses after last week's spate of negative earnings reports. "Results of both the financial sector and property sector have come out and the numbers were not promising," said Khaled Akl, the head of research at Abu Dhabi Commercial Bank. He added that uncertainty over Dubai World's potential debt restructuring was still weighing on the markets.
The Abu Dhabi Securities Exchange General Index ended lower by 0.4 per cent to 2754.68. Etisalat shares were down by 1.25 per cent to Dh11.85. The country's biggest phone company said late last week that it planned to expand into six new markets in the region. Waha Capital shares rose by 2.28 per cent to Dh0.93. The Dubai Financial Market General Index dropped slightly, down 0.1 per cent to 1623.93. Shares of Shuaa Capital, the UAE's largest investment bank, rose 1.7 per cent to Dh1.15.
Emaar Properties rose 0.3 per cent to Dh3.04. Kuwait's measure increased by 0.3 per cent. The bourse registered a 3 per cent increase last week, boosted by news that Zain had reached a deal to sell its African unit. Qatar's bourse ended higher by 0.4 per cent to 6950.58. Mazaya Qatar, a property developer, announced that its 500 million Qatari riyal initial public offering was fully subscribed. Elsewhere in the region, Muscat ended flat, while the Saudi Tadawul All Share Index closed 0.1 per cent higher to 6482.67.