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Dubai Shares fall on Deyaar’s Quarterly Loss; ADX Drops
DUBAI — Dubai’s benchmark index declined, leading a drop in United Arab Emirates shares, after Deyaar Development PJSC and Aldar Properties PJSC reported first- quarter losses.
Deyaar, the Dubai-based developer, tumbled to its lowest close on record. Aldar, Abu Dhabi’s biggest property developer, fell to its lowest level in two months after missing analysts’ estimates. The Dubai Financial Market Index slipped 0.9 per cent to 1,724.27, extending last month’s 5.6 per cent decline. The ADX General Index retreated for a fifth day, losing 0.1 per cent.
Earnings “have all come out weaker than expected, particularly on the real-estate front,” said Rabih Sultani, a fund manager at Duet Mena Ltd. in Dubai, a unit of Duet Group, which oversees $2.1 billion.
Deyaar declined 3.1 per cent to 40.7 fils, its lowest close since the shares began trading in September 2007. The company posted a net loss of Dh100 million ($27.2 million).
Aldar dropped 3.6 per cent to Dh3.78. The loss was Dh314.2 million dirhams after a year-earlier profit. Analysts surveyed by Bloomberg had expected a profit. Qatar’s DSM 20 index dropped 0.4 percent. The Kuwait Stock Exchange Index added 0.1 percent and Oman’s MSM30 Index rose 0.3 percent. Saudi Arabia’s Tadawul All Share Index slipped 0.1 percent to 6,907.34. Bahrain’s market was closed for a holiday.
DFM appoints
DFM has appointed Abdul Jalil Yousuf as its chairman, the company said in a statement on Sunday. Former Executive Chairman Essa Kazim becomes chief executive officer, with DFM splitting the executive and chairman roles to comply with market regulations. Rashed Al Shamsi has been appointed vice-chairman. —
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