Business | Markets

Property and bank stocks pull down UAE markets yet again

The UAE stock markets ended lower on Tuesday as property and bank stocks were hit by investor fears about potentially weak fourth-quarter earnings.

  • Agencies
  • Published: 14:30 January 13, 2009
  • Gulf News

Dubai: The UAE stock markets ended lower on Tuesday as property and bank stocks were hit by investor fears about potentially weak fourth-quarter earnings.

In Dubai, Emaar Properties took the most points off the index, slipping 4.84 per cent, while Dubai Islamic Bank lost 3.03 per cent.

The index ended 2.76 per cent down at 1,708 points, ending a two-day run of wins.

In Abu Dhabi, Sorouh Real Estate and Aldar Properties ended down 5.96 per cent and 2.59 per cent respectively. National Bank of Abu Dhabi declined 3.65 per cent.

Emirates Telecommunicatios Corp (Etisalat) ended down 0.47 per cent, a day after winning Iran's third mobile licence.

A consortium led by Etisalat plans to invest at least $1 billion into building its network in Iran, a company official says.

The benchmark slipped 1.2 per cent to 2,484 points.

Kuwait's main index ended down 0.66 per cent at 7,150 points, with National Bank of Kuwait losing 3.64 per cent.

In Bahrain, the benchmark closed 0.2 per cent lower at 1,748 points.

Qatar's main index closed 1.95 per cent lower at 6,213 points as investors hold back ahead of the upcoming fourth-quarter earnings season.

Industries Qatar and Barwa Real Estate declined 3.87 per cent and 3.93 per cent respectively.

Oman's index extended losses into a second trading day, closing down 1.64 per cent at 5,288 points.

Heavyweight Bank Muscat fell 1.91 per cent, while Raysut Cement Co plummeted 8.36 per cent.

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