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MIDEAST STOCKS-UAE stocks decline on weak corporate earnings

By Reuters News

By Mohd Edrees

Nov 13 (Reuters) - Stock markets in the United Arab Emirates closed lower on Friday, with industrial and financial stocks leading the decline as corporate earnings fell short of market expectations.

Dubai's main market index .DFMGI declined 0.6%, retreating from a near five-month high touched in the previous session. Blue-chip developer Emaar Properties EMAARDEV.DU dropped 4.5%, while toll operator Salik Company SALIK.DU slipped 2.5%.

Salik Company's third-quarter net profit decreased 8.5% to 341.1 million dirhams ($92.88 million), while Q3 revenue declined 5.7% year-on-year.

Among losers, Dubai's budget carrier Air Arabia AIRA.DU slumped 1.2% following a 42% drop in its third-quarter net profit to 383 million dirhams ($104.29 million).

Abu Dhabi's benchmark index .FTFADGI fell 0.6%, snapping a four-session winning streak, weighed down by a 2.2% decrease in Abu Dhabi Islamic Bank ADIB.AD, while its largest lender, First Abu Dhabi Bank FAB.AD, dipped 0.8%.

Alternative investments firm Investcorp Capital ICAP.AD declined 4.7% after reporting an 83% fall in first-quarter net profit to 2 million dirhams ($544,573.33).

The Dubai and Abu Dhabi indices recorded weekly gains of 2.9%, according to LSEG data.

However, oil prices — a key catalyst for the Gulf's financial market — gained after attacks on Saudi energy infrastructure escalated and shipping disruptions through the Strait of Hormuz threatened global oil flows.

Brent crude was up 0.16% at $95.97 a barrel by 1202 GMT. O/R.


($1 = 3.6726 UAE dirham)

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