Fall in property stocks drag down Dubai index

Shares in Dubai finished lower for the fourth session in a row, dragged lower by property and construction firms ahead of a semi-annual review of MSCI’s Emerging Markets Index.

Abu Dhabi equities hit a nine-month low, while Saudi shares ended the day 0.4 per cent lower at 6,631.15.

The Dubai Financial Market General Index finished 0.9 per cent lower at 3,202.84.

Emaar Properties closed down 1.5 per cent at Dh6.40, a five-month low for the bellwether stock.

Arabtec Holding closed 2.2 per cent lower at Dh1.29, after the construction company announced its third-quarter losses narrowed by 76 per cent.

Arabtec was forecast by analysts at VTB Capital to be replaced in MSCI’s influential Emerging Markets Index by DXB Entertainment.

Shares in fellow construction firm Drake and Scull International, which also announced narrower losses, closed 0.4 per cent lower at 44 fils.

The Dubai-listed shares of Bahrain’s GFH dropped 4.8 per cent to Dh1.58, after the investment group reported a US$7.6 million net loss for the third quarter.

In the capital, the Abu Dhabi Securities Exchange General Index was dragged lower by Etisalat shares, which fell to their lowest level since late June.

The telco’s shares fell 2.2 per cent to Dh17.35, with ADCB, Aldar Properties and NBAD all finishing sharply lower.

ADIB and Waha Capital were the pick of a handful of gainers, closing up 1.7 per cent and 0.5 per cent, respectively.

In Saudi Arabia the Tadawul opened slightly lower as investors booked profits. It finished the day 0.4 per cent lower.

Follow The National's Business section on Twitter