Abu Dhabi stocks retreated the most in almost three weeks, led by Emirates Telecommunications Corp., on speculation fourth-quarter earnings may disappoint.
Emirates Telecommunications, the United Arab Emirates biggest telephone company known as Etisalat, declined to the lowest in two weeks. Abu Dhabi Commercial Bank PJSC, the U.A.E.’s third-largest lender by assets, decreased 2.1 percent. Abu Dhabi’s ADX General Index dropped 1 percent, the most since Dec. 21, to 2,362.68 at 12:10 p.m. in the emirate. The Bloomberg GCC 200 Index slipped 0.3 percent.
“There aren’t very big expectations from market participants for fourth-quarter results,” said Sebastien Henin, who helps oversee $100 million at The National Investor in Abu Dhabi. “Unless there is a major local catalyst, we expect markets to remain trading sideways.”
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