Dubai
Weakness in Emaar Properties ahead of the annual general meeting outweighed better than expected results from Dubai Islamic Bank and Emirates NBD, resulting in more than 1 per cent losses on the Dubai index.
Emaar Properties, which has the highest weightage on the index, closed 3.59 per cent lower to Dh5.64 and was the most-active traded stock on the bourse.
The Dubai Financial Market General Index closed 1.39 per cent lower to 3,087.75.
“Emaar is part of the problem. Emaar is having an AGM next week. That’s why people are focused. People are hoping that company pay them an ordinary dividend. This is why you are having pressure on DFM,” Sanyalaksna Manibhandu, head of research, First Abu Dhabi Bank Securities said.
“DIB beat estimates, but people are focusing on bad news. You need to this uncertainty with Emaar out of the way,” Manibhandu said.
Emirates NBD posted 27 per cent rise in the first quarter of 2018, while Dubai Islamic Bank registered 16 per cent increase in the March quarter. DIB closed 1.77 per cent lower to Dh5.55. Emirates NBD closed nearly half a per cent lower to Dh10.30.
Among other stocks, DP World closed 0.69 per cent higher to $22.16.
Damac Properties closed nearly a per cent to Dh2.99.
The Abu Dhabi Securities Exchange general index closed 0.52 per cent lower at 4,682.08.
Dana Gas closed more than 2 per cent lower to Dh0.96. Bank of Sharjah closed more than a 1.7 per cent to Dh1.1.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.61 per cent higher to 8,146.13, after hitting its highest level in 52 weeks.
“There will be profit-taking in Saudi. And as Saudi goes and Dubai lags, we will have a valuation gap so they will start to switch,” Manibhandu said.
Tadawul index has been the best regional performer with 7 per cent gains so far since January.
The Qatar exchange index closed 1 per cent higher to 9,055.02.
