UAE bourses declined yesterday, following the previous day's sluggish performance from Saudi Arabia, as investors awaited third-quarter results amid regional volatility.
Dana Gas, a gas explorer and producer, dropped 2.1 per cent to 46 fils in Abu Dhabi. National Bank of Umm Al Qaiwain plummeted 7.6 per cent to Dh1.80.
Saudi Arabia's Tadawul All-Share Index fell 1.7 per cent on Saturday to its lowest level in 11 weeks after companies showed disappointing results. Third-quarter net income at Saudi Arabian Fertilizer, a unit of Saudi Arabian Fertilizer Company, fell 5.1 per cent.
"Sunday is usually a low-traded day and depends on directional moves from international markets over the weekend, which there wasn't," said Marwan Shurrab, the vice president and chief trader at the asset manager Gulfmena Investments in Dubai. "Then Saudi Arabia came in with bad numbers affecting their market, causing a sell-off.
"That has affected sentiment here, with investors thinking even if our results are good, there is volatility regionally and internationally."
The Abu Dhabi Securities Exchange General Index fell 0.4 per cent to 2,641.84 points, while the Dubai Financial Market General Index lost 0.6 per cent to 1,625.24.
Elsewhere in the region: Kuwait's measure added 0.2 per cent to 5982.79; Bahrain's index gained 0.3 per cent to 1069.86; Oman's MSM 30 Index slipped 0.1 per cent to 5,638.20; Qatar's QE Index added 0.1 per cent to 8,487.09.
The Saudi Tadawul All-Share Index lost 0.31 per cent to 6,661.99.
