MIDEAST STOCKS-Gulf stocks slide on volatile oil, property | Reuters:
Gulf stocks were mostly lower, as volatile oil prices hit petrochemical and energy firms in the Saudi market, while lower-than-expected earnings of property firm Aldar Properties weighed on the Abu Dhabi market.
Abu Dhabi slipped 1.1 percent, easing from a near four-year high on Wednesday. Aldar Properties dropped 2.5 percent, as investors were disappointed after the firm this week missed estimates with a 28 percent fall in second-quarter profit, which it blamed on a revaluation of properties related to its retail portfolio.
First Abu Dhabi Bank also fell 2.4 percent. FAB shares have gained nearly 37 percent this year, fuelled by strong earnings and a move to expand in the Saudi market.
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