Dubai’s benchmark index retreated the most in more than a week amid speculation some companies may report slower fourth-quarter earnings growth.
Shuaa Capital PSC (SHUAA), the investment bank controlled by Dubai’s ruler, tumbled 8.7 percent. Air Arabia PJSC (AIRARABI), the biggest low-cost carrier in the Middle East, fell for the first time since Dec. 27. The benchmark DFM General Index (DFMGI) dropped 0.9 percent, the biggest decline since Dec. 21, to 1,341.56 at the close of trading. About 24 million shares were traded in Dubai today, compared with a 12-month daily average of 100 million shares, according to data compiled by Bloomberg (VOLDFM).
Fourth-quarter earnings in the United Arab Emirates will show “insignificant growth,” said Tariq Qaqish, deputy head of asset management at Al Mal Capital in Dubai. “There is no real short-term catalyst for investors to look forward to.”
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