UAE shares decline despite positive Damac and Aldar earnings

Positive quarterly results from Damac Properties and Aldar Properties were not enough to prevent a fresh sell-off of UAE equities, as Dubai shares closed at a new low for the year.

All stock markets in the Arabian Gulf ended the day in the red, with few positive catalysts to attract local or foreign investors.

Damac was among the worst affected stocks in Dubai, even after it reported a 24 per cent increase in third-quarter profit. The developer’s shares fell 6.6 per cent to Dh2.82, their lowest level since late August.

Aldar shares fared little better in Abu Dhabi, even as the company announced a 9.4 per cent rise in quarterly profit, beating analyst forecasts. Aldar shares closed down 2.5 per cent to Dh2.28.

The Dubai Financial Market General Index led losses around the Gulf, closing down 2.3 per cent at 3,300.19.

The index heavyweight Emaar Properties closed at its lowest level of the year, falling 3.6 per cent to Dh6.

Trading in Arabtec Holding was halted by the exchange mid-morning, pending the release of the company’s third-quarter results. The developer’s shares fell 2.8 per cent to Dh1.38.

Abu Dhabi’s headline index closed down 0.6 per cent to 4,199.03. Dana Gas was among the worst affected stocks, ending down 6.6 per cent at 42 fils apiece.

Etisalat was one of just three stocks to end in positive territory, closing up 0.3 per cent to Dh15.25.

The Qatar Exchange Index was the worst-performing regional index after Dubai, ending the day down 1.9 per cent.

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