The Abu Dhabi Securities Exchange General Index remained largely unchanged at 2,535.48 as investors shrugged off a series of negative analyst ratings on Abu Dhabi bank stocks. National Bank of Abu Dhabi rose 0.4 per cent to Dh11.30. Abu Dhabi Commercial Bank rose 1.2 per cent to Dh1.67 and Union National Bank remained unchanged at Dh2.95. Aldar Properties shares continued to decline yesterday, reaching a 16-month low on the back of poor earnings and a ratings downgrade.
The capital's largest developer last week reported a first-half loss of almost Dh800 million, leading Standard & Poor's on Sunday to lower its rating on the firm's debt to junk status. Aldar shares fell 3.2 per cent to Dh2.39 yesterday, closing at their lowest since February last year. The Dubai Financial Market General Index was dragged down by negative international news, falling almost 1 per cent to 1,513.06. The US reported signs of slower recovery in weaker home sales, factory orders and consumer spending.
Emaar Properties dropped 1.7 per cent to Dh3.29, and Emirates NBD fell 0.8 per cent to Dh2.48. "Global markets had a correction, which weighed on the UAE markets," said Chahir Hosni, an equities sales manager at EFG-Hermes in Dubai. "We are looking for direction from global markets as there is a lack of internal momentum to move markets forward." The Kuwaiti and Bahraini measures both advanced 0.1 per cent to close at 6,649.60 and 1,399, respectively.
Oman's index remained largely unchanged at 6,350.47, Qatar's retreated 0.2 per cent to 7,087.48, and the Saudi Tadawul All-Share Index ended its last trading session of the week flat at 6,300.44. firstname.lastname@example.org