Abu Dhabi’s shares were set for the biggest drop in a month after earnings in Saudi Arabia (SABIC), the Persian Gulf’s biggest economy, disappointed and oil declined.
Dana Gas (DANA), the fuel producer with $1 billion in debt maturing this month, lost 2.1 percent. Arkan Building Materials Co. (ARKAN), the owner of companies involved in the construction industry, fell for the first time in four days. The ADX General Index (ADSMI) slipped 0.4 percent, snapping a four-day advance and poised for the biggest decrease since Sept. 18, to 2,642.77 at 11:36 a.m. in Abu Dhabi. Qatar’s QE Index rose 0.1 percent.
Shares in Saudi Arabia, the Gulf Cooperation Council’s biggest bourse, yesterday tumbled 1.7 percent, the most in more than four months after local lenders including Saudi British Bank (SABB) missed earnings estimates. The benchmark extended declines today, falling 0.2 percent. Oil fell on Oct. 12 after the International Energy Agency cut its forecast for global demand, saying slower economic growth may limit fuel consumption.
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