Stock markets in the UAE declined yesterday as soft corporate earnings and increasing regional tensions dampened investor sentiment.
Dubai’s main index dropped 0.8 per cent, extending losses to a third session, pressured by losses in heavyweight real estate and financial sector stocks.
Dubai’s top lender Emirates NBD Bank lost 1.1pc, while blue-chip developer Emaar Properties decreased 0.9pc.
Among losers, Dubai Financial Market declined 1.6pc after the firm reported a 4.3pc decline in third-quarter net profit and 4.1pc in total income.
Separately, DIP Holding, owned by Dubai Investments, is expected to price its IPO at 1.12 dirhams per share below the top end of its indicative price range, bookrunner said in a statement.
Abu Dhabi’s benchmark index edged down 0.1pc, pulled down by a 3.9pc dip in Abu Dhabi Islamic Bank and a 1.3pc fall in Abu Dhabi National Oil Company for Distribution.
IHC-owned Two Point Zero Group declined 2.5pc after its third-quarter net profit dropped 25pc to 1.51 billion dirhams ($411.15 million).
Abu Dhabi’s index recorded a 1.3pc weekly loss, while Dubai gained 0.6pc in the week, according to data compiled by LSEG.
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