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Real estate and bank stocks in UAE hit by investor worries about fourth quarter earnings

UAE markets ended lower on Wednesday as real estate and bank stocks were hit by investor worries about potentially negative fourth quarter earnings results.

  • Agencies
  • Published: 15:19 January 14, 2009
  • Gulf News

Dubai: UAE markets ended lower on Wednesday as real estate and bank stocks were hit by investor worries about potentially negative fourth quarter earnings results.

In Dubai, Emaar Properties and construction firm Arabtec Holding fell 0.85 per cent and 9.78 per cent respectively.

Dubai Islamic Bank fell 2.6 per cent, while the benchmark closed 0.6 per cent lower at 1,698 points.

In Abu Dhabi, Sorouh Real Estate and Aldar Properties fell 6.63 per cent and 7.73 per cent respectively. First Gulf Bank lost 5.57 per cent.

The index declined 1.18 per cent to 2,455 points.

Qatar's benchmark ended 2.52 per cent lower at 6,056 points, led lower by bank stocks.

Commercial Bank of Qatar took the most points off the index, losing 5.22 per cent.

Qatar National Bank shares fell 3.91 per cent after the lender reported a 0.8-per cent decline in fourth-quarter profit.

Kuwait's main index ended up 0.59 per cent at 7,192 points, with National Bank of Kuwait climbing 5.66 per cent.

Bahrain's main index rose 0.88 per cent to 1,764 points.

Oman's index closed 3.18 per cent lower at 5,120 points as retail investors worry a planned government fund to support the market could be delayed.

Bank Muscat and Oman Cable Industries Co plummeted 7.62 per cent and 6.02 per cent respectively. Raysut Cement Co lost 6.63 per cent.

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