United Arab Emirates shares fell for a second day, leading losses across the Persian Gulf, as Aldar Properties PJSC reported a decline in profit and lower consumer confidence data from the U.S. dampened investor sentiment.
Aldar, Abu Dhabi’s biggest property developer, slid the most in a week after it reported yesterday a 44 percent decline in third-quarter earnings. Abu Dhabi National Energy Co, the emirate’s state-controlled oil and gas company known as Taqa, retreated for a second day. Emaar Properties PJSC, the biggest developer in the U.A.E declined the most since Oct. 18.
“We have a very high correlation with the international markets these days whether negative or positive,” said Joice Mathew, head of equity research for United Securities LLC in Muscat. “Consumer confidence levels in the U.S. are having a negative impact not just on our markets, but markets around the world.”
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