Dubai stocks pulled back under selling pressure from banking and real estate stocks as the earnings-triggered recent rally prompted investors to book profits, while in Abu Dhabi, International Holding Co. again led the advances.
Dubai Financial Market traded 0.5 per cent lower on Monday morning (April 19) at 2,622 points, taking a pause after three days of gains. The index was weighed down by dips for Union Properties, Deyaar and Emaar Development. Emaar Properties has subsided 1.5 per cent in a drop that followed a rally by property shares after investors rushed to buy taking their cues from robust quarterly numbers from a couple of blue-chips.
Emaar was expected to further pick up in Monday trades on its last day of trading with dividend entitlements, but it headed lower as the dividend factor appears to have been priced in during the recent gains.
Down ahead of results
Emirates NBD ticked 1.7 per cent down ahead of the board meeting later in the day to discuss first-quarter results. The investors are trading cautiously on the stock as they lack insight into how the quarterly numbers are going to play out. The lender had reported a 25 per cent slump in 2020 full-year profits. (No UAE banks have reported the earnings so far.)
Abu Dhabi Securities Exchange advanced 0.6 per cent at 6,159 points, bolstered mainly by the heavyweight International Holding that soared 6.1 per cent. Among others to advance were Eshraq Investment, Sharjah Islamic Bank and RAK Properties, which combined to counter the subdued performance from Etisalat, First Abu Dhabi Bank and Abu Dhabi Commercial Bank.
Qatar Exchange edged higher 0.4 per cent in an upside movement led by banking stocks after the country stepped closer to allowing foreign nationals to fully own listed companies. Qatar Gas Transport ticked up 0.8 per cent as the first-quarter profits expanded around 15 per cent with operating expenses shrinking 4 per cent and general and administrative expenses diving 28 per cent.
Oman's 30-company index moved marginally lower, plushed down by telco Ooredoo Oman that added to its losses after reporting a thinner bottom-line for the first quarter.