Banking stocks dragged down UAE indexes, following a set of disappointing quarterly results from top lenders.
The Abu Dhabi Securities Exchange General Index closed down 0.9 per cent at 4,543.53, rounding off the index’s worst weekly performance in more than a month.
Shares in ADCB, which announced on Wednesday an 18.2 per cent fall in quarterly profits, shed 7.6 per cent to Dh6.60, its sharpest one-day fall of the year so far.
NBAD and FGB, which also announced lower first-quarter profits on Wednesday, had their shares fall 1.3 and 1.1 per cent respectively.
“People have been a bit disappointed with the results, so it has been seen as a good time to book profits, especially after the rally the market’s seen since the middle of January,” said Sebastien Henin, the head of asset management at The National Investor in Abu Dhabi.
Dubai Islamic Bank, which earlier this week reported a 7.2 per cent rise in quarterly profits, fell for the second consecutive day on the Dubai stock exchange, shedding 2 per cent to Dh5.86.
The Dubai Financial Market General Index closed 0.4 per cent lower at 3,491.91.
Damac Properties was the worst performer on the Dubai bourse, closing down 7.8 per cent at Dh2.58. It was also its steepest one-day fall since November.
Dubai Investments rose by 0.9 per cent to Dh2.18 after the government-owned investment vehicle announced a 5.4 per cent increase in first-quarter profit.
Emaar Properties rose 1.9 per cent at Dh6.80.
jeverington@thenational.ae
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