DP World stocks lower for fifth day on Qatar sanctions

DP World shares closed lower for a fifth straight day yesterday, rounding off the stock’s worst week in over six years.

DP World shares closed lower for a fifth straight day, rounding off the stock’s worst week in over six years.

The port operator’s shares, listed on the Nasdaq Dubai, ended the day 2.4 per cent lower at US$20.80, despite the stock being upgraded to Add by AlphaMena.

The port operator’s shares have shed 12 per cent of their value since the UAE, Saudi Arabia and others announced a suspension of road, air and sea links with Qatar.

The Abu Dhabi Securities Exchange General Index closed 0.8 per cent lower at 4,501.77, with banking stocks – led by ADCB and FAB – accounting for four of the top five laggers.

Dana Gas shares continued to dominate, accounting for 75 per cent of all trades. The energy firm’s shares rose 7.4 per cent to a new high of 73 fils, after announcing it had secured a further injunction in the British Virgin Islands against creditors enforcing against the company’s securities.

Shares in Dubai rose 0.3 per cent to 3,459.44, even as only eight stocks closed in positive territory.

Emaar Properties led gains, closing up 1.3 per cent at Dh8, its highest close in nearly two years.

Dubai Investments and Union Properties also gained, cancelling out losses by DIB and Arabtec Holding.

In Doha, the Qatar Exchange closed higher for a second straight day, rising 0.7 per cent, even as GCC and foreign institutions remained net sellers.

In Saudi Arabia, the Tadawul was little changed, closing down 0.5 per cent. Emaar, the Economic City real estate firm and Saudi Fisheries topped gains, rising 2.4 per cent and 2.3 per cent, respectively.

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