Emaar weighs as Dubai index extends losses

INDEX CLOSED 0.53% LOWER AT 2,802.88, WHILE ABU DHABI INDEX FELL NEARLY 1%

The Dubai index eased more than half a per cent yesterday, extending losses for another session, weighed by weakness of Emaar shares. The Abu Dhabi index fell nearly one per cent.

The Dubai Financial Market General index closed 0.53 per cent lower at 2,802.88. Emaar Properties closed 2.71 per cent lower at Dh5.02.

“Emaar Properties fell (on Sunday) further down as its Saudi subsidiary reported a steep decline in profits, reporting a loss as real estate and construction remain shaky in the region,” Essam Kassabieh, senior financial analyst with Menacorp said.

In other stocks, Gulf Finance House closed flat at Dh1.28. Salama Insurance closed nearly a per cent at Dh0.729. DP World closed more than 6 per cent lower at $17.53. Arabtec closed 0.44 per cent higher at Dh2.26. Dubai Islamic Bank closed flat at Dh5.32.

The Abu Dhabi Securities Exchange general index closed 0.96 per cent lower at 4,954.23. “Abu Dhabi’s energy stocks are due to report this week which could also support the index as despite the fall in oil prices, average oil prices year-to-date have been nothing but supportive of energy companies and their top lines,” Kassabieh said.

Abu Dhabi Islamic Bank closed 13 per cent higher at Dh4.15 after the bank increased the upper limit on foreign ownership. “ADIB’s move to set a 25 per cent foreign ownership cap can push the stock higher today and in the days to come,” Kassabieh said.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.71 per cent up at 7,765.61. Muscat MSM 30 index was 0.6 per cent lower at 4,479.62.