Dubai index extends losses as Emaar weighs

Dubai: The Dubai index eased more than half a per cent on Monday, extending losses for another session, weighed by weakness of Emaar shares. The Abu Dhabi index fell nearly one per cent.

The Dubai Financial Market General index closed 0.53 per cent lower at 2,802.88. Emaar Properties closed 2.71 per cent lower at Dh5.02.

“Emaar Properties fell (on Sunday) further down as its Saudi subsidiary reported a steep decline in profits, reporting a loss as real estate and construction remain shaky in the region,” Essam Kassabieh, senior financial analyst with Menacorp said. In other stocks, Gulf Finance House closed flat at Dh1.28. Salama Insurance closed nearly a per cent at Dh0.729. DP World closed more than 6 per cent lower at $17.53. Arabtec closed 0.44 per cent higher at Dh2.26. Dubai Islamic Bank closed flat at Dh5.32.

The Abu Dhabi Securities Exchange general index closed 0.96 per cent lower at 4,954.23. “Abu Dhabi’s energy stocks are due to report this week which could also support the index as despite the fall in oil prices, average oil prices year to date have been nothing but supportive of energy companies and their top lines,” Kassabieh said.

Abu Dhabi Islamic Bank closed 13 per cent higher at Dh4.15 after the bank increased the upper limit on foreign ownership. “ADIB’s move to set a 25 per cent foreign ownership cap can push the stock higher today and in the days to come as this good performer could see institutional flows,” Kassabieh said.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.71 per cent higher at 7,765.61. The Muscat MSM 30 index closed 0.56 per cent lower at 4,479.62.

The Qatar exchange index closed 0.24 per cent higher at 10,415. The Kuwait all share index closed 0.01 per cent lower at 5,103.63.