Dubai Financial Market falls ahead of bourse results

Markets Update: Dubai Financial Market declined at the open ahead of the full year results, expected to be released after markets close - with video.

Dubai Financial Market Company (DFMC) declined at the open ahead of its annual financial results expected to be announced later today.

The Dubai bourse is holding its board of directors meeting at 2 pm today at the Dubai World Trade Centre, after markets close. Shares of DFMC lost 3.8 per cent to Dh1.26 at 10 am. DFMC has up to March 31 to report its full-year results.

A consensus of analysts on Bloomberg expects DFMC to report a net profit of Dh3.3 million in the fourth quarter, versus a loss of Dh3 million the previous quarter. The consensus numbers show an expected 96 per cent decline fourth quarter profits compared to last year. DFMC reported a net profit of Dh88.3 million in the fourth quarter of 2009.

The Dubai Financial Market General Index fell 2.1 per cent to 1480.82 points.

The Abu Dhabi Securities Exchange General Index lost 0.4 per cent to 2642.98 points. Sorouh Real Estate declined 2.7 per cent to Dh1.06. RAK Properties was down 2.7 per cent.

Elsewhere in the region, Kuwait's measure lost 0.2 per cent to 6380.80. Bahrain's index added 0.4 per cent to 1417.22. Oman's benchmark declined 0.3 per cent to 6393.57. Qatar's index gained 2.7 per cent to 8457.12. The Saudi Tadawul was up 0.2 per cent to 6309.63.