UAE stock markets continue losing streak

Positive results from Emirates NBD failed to halt a fresh sell off of shares in Dubai yesterday, as pessimism deepened across the region.

Shares in Dubai briefly fell below the 3,500 mark for the first time in two months, before ending the day down 0.98 per cent at 3,518.16, their lowest close in more than seven weeks.

Emirates NBD was the pick of just seven rising stocks on the Dubai market yesterday, closing up 1.9 per cent at Dh8.96 after announcing a 7.1 per cent rise in quarterly profits, coming in ahead of analyst forecasts.

Arabtec and Amlak were among the worst affected stocks falling 5.8 and 4 per cent, respectively.

Abu Dhabi stocks ended the day down for the fifth day in the row, closing 0.5 lower at 4,391.40.

Shares in FGB, the most heavily weighted stock on the Abu Dhabi index, closed down 1.5 per cent at Dh12.95, their lowest level of the year so far, ahead of the bank’s announcement in late afternoon of a flat third-quarter profit.

UNB shares continued to take a battering after this week’s negative third-quarter results, closing 5.3 per cent lower at Dh5.65, their lowest level since the end of March.

Aldar Properties experienced a partial recovery in its share price after a sharp sell-off on Monday, closing up 1.7 per cent at Dh2.29.

Follow The National's Business section on Twitter