|11-16-2014, 02:36 PM||#1|
Arabtec pulls Dubai`s stock market lower after disappointing quarterly results
The Dubai stock market extended slide in mid-session trade on Sunday, with construction giant Arabtec Holding posting a quite disappointing quarterly results. Abu Dhabi edged higher and Qatar was unchanged.
The Dubai Financial Market (DFM) fell 0.28%, with index heavyweight Arabtec Holding falling 3.04%. Arabtec was also the most traded stock on the DFM on Sunday.
This comes after Arabtec posted a 32% decline in net profit in the July-September quarter to AED68.7 million ($18.7 million). Analysts had called in a profit average of AED113-AED140 million.
Shares in Arabtec rose more than 11% last week after state-owned fund Aabar Investments raise its stake in Arabtec to 34.9%.
Shares in Drake and Scull fell 1.0% after reporting a 1% decline in profit for the same quarter. However, it was still better than estimated.
The Abu Dhabi Exchange (ADX) gained 0.50%, boosted by First Gulf Bank and Etisalat.
Qatar rose 0.1%, with a little boost from Industries Qatar.
Global pressures are softening on Gulf markets, with volatility in the U.S., Asia and Europe easing a bit, and as oil prices began to stabilize. With exterior pressures aside, the performance of markets in the region is based on fundamentals and company performances, which is not usually the case, as there is much correlation with the global stock market.
Egypt’s bourse gained on Sunday after S&P Ratings affirmed the country’s sovereign credit rating.
Saudi Arabia was brought down by Ma’aden, after the mining heavyweight announced a rights issue.
The Saudi stock market is expected to return to gaining this week, after last week’s continuous decline.
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