Business | Markets
UAE shares decline led by Emaar and Sorouh
Gulf shares declined on concern slowing economic growth in the US will push emerging markets lower.
- Bloomberg
- Published: 00:31 March 4, 2008
Dubai: Gulf shares declined on concern slowing economic growth in the US will push emerging markets lower.
Emaar Properties dropped to an almost two-week low. Sorouh Real Estate, a property developer controlled by the Abu Dhabi government, retreated for a third day. In Riyadh, Arab National Bank recorded the biggest one-day decline since February 11.
The Dubai Financial Market General Index retreated 1.5 per cent to 5,777.84. Saudi Arabia's Tadawul All-Share Index lost 0.3 per cent to 9,837.63. The MSCI Emerging Markets Index dropped 2.3 per cent to 1,140.58 at 5:17pm in Dubai, falling for a second day.
"Local investors have started correlating the markets here with what global markets are doing," Jalal Faruki, senior institutional sales associate at Al-Mal Securities in Dubai, said in a telephone interview. "The company growth stories are mostly positive."
Stocks retreated in Europe and Asia, led by financial companies, as investors speculated an economic slowdown and widening credit-market losses will cut profit growth. US index futures fell. The MSCI World Index decreased 0.9 per cent.
Emaar Properties, the largest publicly traded developer in the Middle East, lost 2.1 per cent to Dh11.9, its lowest close since February 19. Sorouh declined 1.1 per cent to Dh9.94, bringing the three-day retreat to 4.9 per cent. Arab National Bank, the Riyadh-based bank, fell 3 per cent to 98 riyals.
Sorouh said in January full-year net income advanced 29 per cent on gains from land sales.
etisalat's full-year profit rose 24 per cent as the number of mobile phone subscribers increased. The UAE's biggest telephone company lost 0.2 per cent to Dh24.95 yesterday.
The Abu Dhabi Securities Market Index declined 0.4 per cent.
The Doha Securities Market 20 Index fell 0.7 per cent, and the Bahrain All Share Index lost 0.5 per cent.
Oman's Muscat Securities Market 30 Index added 0.3 per cent, as did Kuwait's stock benchmark.
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