x Abu Dhabi, UAEWednesday 17 January 2018

Trading thin on UAE bourses as Aldar shares decline

Markets Update: Shares of Aldar Properties decline the most in a week after the Abu Dhabi developer posts a loss for last year. Trading was thin on the Abu Dhabi Securities Exchange and the Dubai Financial Market at the open - with video.

Abu Dhabi's biggest developer declined the most in more than a week after the company posted a loss of Dh12.65bn for last year after a write down of the value of its assets.

Shares of Aldar Properties declined 3.7 per cent to Dh1.80 at the open on the Abu Dhabi Securities Exchange. Aldar posted a profit of Dh827.4m a year earlier. Sorouh Real Estate, Abu Dhabi's second biggest developer declined 2.1 per cent to Dh1.38.

The Abu Dhabi Securities Exchange General Index declined 0.2 per cent to 2696.15. In Dubai, Arabtec Holding, the emirate's biggest contractor declined 1.7 per cent. Dubai Islamic bank, declined 0.8 per cent to Dh2.29.

The Dubai Financial Market General Index declined 0.4 per cent to 1600.06.

Elsewhere in the region, Kuwait's measure lost 0.1 per cent to 6746.10. Bahrain's measure lost 0.3 per cent to 1467.44. Oman' s bourse declined 0.3 per cent to 6947.73. Qatar's index lost 0.7 per cent to 8940.26. The Saudi Tadawul declined 0.2 per cent to 6602.15.