DUBAI: Disappointing earnings from a few Dubai companies pulled the emirate's stock index lower in early trade on Thursday while most other Gulf stock markets slipped after oil prices reversed back near $30.
Dubai's index was down 0.5 percent, weighed down by the real estate sector.
DAMAC Properties fell 3.9 percent in volatile trade; it reported a 12 percent fall in fourth-quarter net profit.
Dubai Parks and Resorts fell 2.7 percent after the amusement park builder posted a 2015 loss of 109 million dirhams ($29.7 million) compared to a 21 million dirham loss a year earlier.
But the largest real estate developer by market value, Emaar Properties. rose 0.7 percent, recouping some of its 1.3 percent decline on the previous day.
The company reported near-flat quarterly net profit of 1.03 billion dirhams after taking a writedown related to a fire at one of its hotels on New Year's Eve. An analyst at SICO Bahrain had forecast 1.08 billion dirhams.
Abu Dhabi's index edged down 0.1 percent. RAK Properties fell 1.8 percent as traders turned a quick profit; the shares surged their 15 percent daily limit in the previous session after the developer reported 2015 profit rose to 160 million dirhams from 156 million dirhams in 2014.
For the first nine months of last year, profit had dropped.
Blue-chip banks also dragged the market lower, with Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank falling more than 1.0 percent.
Kuwait's largest telecommunications operator by subscribers, Zain declined 1.5 percent despite reporting an 8 percent rise in fourth-quarter profit.
Kuwait's main index edged down 0.3 percent.
In Doha, the index was flat in the first 20 minutes of trade after it dropped 0.8 percent on Wednesday.
Masraf Al Rayan, a lender, added 0.7 percent and Ezdan Holding Group, a property developer, was up 0.4 percent.
Comments
Comments are closed.