• Home
• /
• Local business

Abu Dhabi Index Falls Most in Four Days; Dubai Shares Retreat

DUBAI — UAE shares dropped, with Abu Dhabi’s index falling the most in four days, ahead of the third-quarter earnings season and after US unemployment climbed to a 26-year high.

Sorouh Real Estate PJSC, the second-biggest developer in Abu Dhabi, declined for the first time this month.

National Central Cooling Co., the refrigeration company known a Tabreed, fell as much as 2.9 per cent.

Abu Dhabi’s benchmark index closed 0.3 per cent lower at 3,127.59, while Dubai’s measure slipped 0.1 per cent.

“Investors are on the fence heading into the third-quarter earning season,” Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd., wrote in an e-mail. Earnings season in the Gulf will pick up steam in mid- October and will last until around the middle
 of next month.

Sorouh fell 2 per cent, the most since Sept. 28, to Dh3.95. Tabreed declined 2 per cent to Dh1. The Abu Dhabi- based company was cut on Oct. 1 to “reduce” from “buy” at Nomura Holding Inc., which cited “project visibility and liquidity concerns.” The shares rose 1 per cent that day.

Saudi Arabia’s Tadawul All Share Index dropped less than 0.1 per cent to 6,264.13 at 1:33 p.m. in the kingdom. Qatar’s DSM 20 Index advanced 0.4 per cent, Bahrain’s measure gained 0.9 per cent and the Kuwait Stock Exchange added 0.4 per cent. Oman’s MSM30 Index rose 
less than 0.1 per cent.

Bloomberg