Dubai Shares Fall on Earnings Concern, Dubai World Meeting; Kuwait Gains - Bloomberg

Dubai shares fell for a third time this week amid investor concern about earnings and Dubai World as the state-owned company seeking to renegotiate the terms on $23.5 billion of debt met with creditors in the emirate.

The DFM General Index lost 0.2 percent to close at 1,528.97 as Emirates NBD PJSC, the United Arab Emirates’ biggest lender, by assets fell the most since July 18 and Dubai Investments PJSC, the Dubai-based investment company with stakes in more than 40 companies, ended a five-day winning streak. Emaar Properties PJSC, the builder of the world’s tallest tower, closed unchanged before reporting a second-quarter profit after a year-earlier loss. The DFM Index rose 0.6 percent this week.

“Investors are being cautious,” said Hassan El Salah, deputy head of institutional equities at Al Ramz Securities in Abu Dhabi. There has been “last minute selling before any announcement by Dubai World, especially by banks exposed to the company,” he said.