Lower than expected profits at Emaar Properties weighed on the Dubai Financial Market on Thursday, erasing the bourse’s gains from earlier in the week.
The market’s benchmark index ended the day down 1.66 per cent at 4,545.39, 0.6 per cent lower than last Thursday’s close.
Emaar's third-quarter results, announced late on Wednesday afternoon, failed to impress the market, as the developer posted a second consecutive fall in quarterly revenues, and net profits that fell short of analyst's predictions.
The developer’s shares closed down 3.38 per cent on the day, ending the week at Dh10 apiece, their lowest level in two weeks.
Ajman Bank, Drake & Skull International and Union Properties also fell significantly on the day, shedding 4.58 per cent, 3.42 per cent and 2.75 per cent respectively.
Emirates NBD and Mashreq bank were among the only three gainers of the day on the Dubai bourse (the other being Kuwait’s Ekttitab Holding), ending up 1.04 per cent and 0.08 per cent respectively on the day.
Meanwhile Abu Dhabi’s bourse broke a seven-day winning streak, with the index ending the day down 1.34 per cent at 4,883.87.
Shares in Etisalat fell by 0.43 per cent to Dh11.5, the day after the company announced a 22 per cent increase in net profits, coming in short of some analyst forecasts.
jeverington@thenational.ae
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