Dubai: Emirates NBD weighed on the Dubai index for a third straight day on Tuesday, and even strong second quarter results from Emaar failed to cheer the market.
The Dubai Financial Market General index closed 0.22 per cent lower at 2,840.89, after losing more than 1.5 per cent in the previous session.
“The Dubai Financial Market took another hit as the Turkish currency deteriorated further and drove down the share prices of Emirates NBD and Emaar Properties,” said Essam Kassabieh, senior analyst with Menacorp.
Emirates NBD closed 1.92 per cent lower at Dh9.20. Emaar Properties shares fell a tad despite a 16 per cent rise in net profit in the second quarter.
In other stocks, Dubai Islamic Bank closed 0.20 per cent higher at Dh5.01.
Emaar Development closed 1.94 per cent higher at Dh5.25.
Gulf Finance House closed flat at Dh1.41.
The Abu Dhabi Securities Exchange general index closed 0.61 per cent higher at 4,830.22.
Aldar Properties closed 3.66 per cent higher to Dh1.98. First Abu Dhabi Bank closed 0.73 per cent higher at Dh13.8.
On Monday, First Abu Dhabi Bank and Abu Dhabi Commercial Bank retreated as a result of investors being cautious toward the entire sector, which has been impacted by the Turkish lira, Kassabieh said.
“Moving forward, investors that are seeking to move away from Emirates NBD and Dubai Islamic Bank may resort to First Abu Dhabi Bank, particularly after seeing a few continuous days of declines, making it more attractive,” Kassabieh said.
First Abu Dhabi Bank, whose shares have gained 7 per cent since January 1, has been an outperformer on the Abu Dhabi index, which has gained more than 8.5 per cent so far in the year.
In other stocks, Abu Dhabi Islamic Bank closed 0.51 per cent higher at Dh3.95.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.03 per cent higher at 7,875.16. The Muscat MSM 30 index closed 0.20 per cent lower at 4,373.08. The Qatar exchange index closed 0.81 per cent higher at 9,556.64.
