Sorouh Real Estate led Abu Dhabi shares lower yesterday while the Dubai stock market also finished the week down.
Sorouh, Abu Dhabi's second-biggest developer, reported a 42 per cent drop in earnings for the first quarter compared with the same period last year.
The company had net profit of Dh76.3 million compared with Dh132m in the first quarter last year, according to a filing to the Abu Dhabi bourse. Shares declined 4 per cent to Dh1.42 yesterday.
"Sorouh's results were certainly below market expectations, and so the weakness in the stock … is no surprise," said Matthew Wakeman, a managing director at EFG-Hermes in Dubai.
The Abu Dhabi Securities Exchange General Index declined 0.3 per cent to 2,695.50 points.
A delay in adopting a new settlement system also dampened sentiment. The system, called delivery versus payment, is a key requirement for the country to be upgraded to "emerging market" status by index benchmark MSCI. The UAE is currently classified as a frontier market.
The deadline for enforcing the delivery-versus-payment system was postponed to May 29, after originally being scheduled to begin yesterday.
"This doesn't close the door to the MSCI Emerging Markets Index entry, but it increases the uncertainty in investors' minds," Mr Wakeman said.
The Dubai Financial Market General Index was down 1.9 per cent at 1,634.13. The Saudi Tadawul All-Share Index was up 0.5 per cent at 6,724.26.
halsayegh@thenational.ae
Company%20Profile
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COMPANY%20PROFILE
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The%20specs
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The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 720hp
Torque: 770Nm
Price: Dh1,100,000
On sale: now
TECH%20SPECS%3A%20APPLE%20WATCH%20SE%20(second%20generation)
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If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.
Kanye%20West
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