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Shares in the UAE fall as investors wait for second-quarter earnings
Shares in the UAE declined on Thursday, led by Gulf Navigation Holding PJSC and Abu Dhabi National Energy Co. as investors wait for second-quarter earnings.
- Bloomberg
- Published: 15:45 June 19, 2008
Dubai: Shares in the UAE declined on Thursday, led by Gulf Navigation Holding PJSC and Abu Dhabi National Energy Co. as investors wait for second-quarter earnings.
Gulf Navigation, the Dubai-based oil and chemicals shipping company, retreated as its chief executive officer announced his resignation.
Abu Dhabi National Energy, the state-controlled energy company known as Taqa, tumbled for a second day. June 17 was the cut-off day for shareholders to be eligible for convertible bonds Taqa plans to sell next month.
The Dubai Financial Market General Index lost 0.7 percent to 5,558.25. The Abu Dhabi Securities Exchange General Index fell for a third day, losing 0.1 percent. The Doha Securities Market Index declined 1.6 percent. All three benchmarks have gained or declined less than 2.5 percent this month.
"We have been seeing sideways trading ahead of the release of second-quarter financial results,'' Rami Sidani, vice president at Shuaa Capital, said in a telephone interview from Dubai.
About 129 million shares traded in Dubai's index, around 65 percent less than the six-month daily average. The second-quarter earnings season will begin early next month.
Gulf Navigation declined 1.1 percent to 1.76 dirhams. The company's chief executive officer, Simon Barham, will resign for family reasons.
Taqa slumped 5.2 percent to 3.23 dirhams, bringing the two- day decline to 15 percent. The company on June 16, in a statement to the stock exchange, said shareholders on record as of the close of trading June 17 will be eligible to buy convertible bonds next month.
The Kuwait Stock Exchange Index gained less than 0.1 percent. The Muscat Securities Market 30 Index lost 1.3 percent, while the Bahrain All Share Index declined less than 0.1 percent. Saudi Arabia's market is closed for the weekend.
Al Jazeera Steel Products Co., the Omani pipe maker controlled by Kuwait's Global Investment House KSCC, rose 0.7 percent to 0.864 rial, the highest since April 2005, after saying it plans to cross list its shares in Dubai.
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