Abu Dhabi’s benchmark stock index fell the most in two weeks after full-year earnings at Emirates Telecommunications Corp., the Middle East’s biggest telephone operator by market value known as Etisalat, missed estimates.
Etisalat, the company with the heaviest weighting on the index, tumbled the most since Jan. 17. Abu Dhabi National Energy Co., known as Taqa, dropped as much as 1.6 percent. The ADX General Index declined 0.4 percent, the most since Jan. 30, to 2,457.42 at 12:01 p.m. in the U.A.E. capital. Emerging-market stocks fell the most in more than two months at the end of last week.
The two shares “are weighing on the performance of the index,” said Marwan Shurrab, assistant fund manager and chief trader at Gulfmena Investments Ltd in Dubai. Three stocks in the benchmark index retreated, nine rose and 55 were unchanged.
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