Abu Dhabi stocks retreated the most in almost three weeks paced by Emirates Telecommunications Corp. on speculation fourth-quarter earnings may disappoint.
Emirates Telecommunications, the United Arab Emirates’ biggest telephone company known as Etisalat, decreased 1.3 percent. National Bank of Abu Dhabi (NBAD), the country’s second- biggest bank by assets known as NBAD, dropped the most in almost 11 months. Abu Dhabi’s ADX General Index (ADSMI) declined 1.1 percent, the most since Dec. 21, to 2,360.96 at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index (BGCC200) slipped 0.5 percent at 2:10 p.m. in Riyadh.
“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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