Banking shares took a hit on trading at the open after a combination of bad news from the sector was being digested by investors.
Shuaa Capital declined as much as 3.2 per cent at 10:10am, after the UAE investment bank announced that its loss widened in the fourth quarter. Shares of Shuaa were trading at Dh1.19 after the company disclosed a net loss of Dh186.7m in the fourth quarter from Dh154.3m in the year earlier period, according to a statement to the Dubai bourse.
The investment bank's chief financial officer, David Deards, who joined in March 2010 left the company as the results were released. “Our CFO is currently on unpaid leave and we are seeking to identify a replacement for his position. In the interim, his role has been taken up by other senior members of the firm,” Shuaa Capital said in a statement.
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