The highly anticipated 321 Festival, which features live entertainment, will take place at two locations from December 6-8
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Real estate stocks weighed on the Dubai index, with market mover Emaar Properties shedding 4.8 per cent, its largest single day decline since August 17. The selloff contributed to a 2.5 per cent fall in Dubai’s measure, after seven of its 10 largest stocks declined.
“We’ve seen profit taking from domestic and retail investors. On face value, it looks like a poor performance but this is in line with expectations and is nothing to panic about,” said Julian Bruce, director of institutional equity sales at EFG Hermes.
The Abu Dhabi index fell just over one per cent, weighed by real estate and banking stocks. Aldar Properties, the largest developer in the United Arab Emirates’ capital, shed almost four per cent.
“In the UAE it was time for the markets to take a breather,” says Rami Sidani, Schroders Middle East head of investment. “But regionally, there is still a strong positive sentiment in the market.”
“There are still more hurdles to look at including earnings and also the deadline on payments of debt, the restructuring story in Dubai,” said Rabih Sultani, a fund manager at Duet Mena Ltd. in Dubai.
“We’re seeing some profit- taking. Oil continues to be strong and that is holding up the markets a bit.” Crude closed at a 2009 high on October 16.
The benchmark in Saudi Arabia saw gains in early trading after food group Savola Group reported a leap in profit. However, banks and financial services stocks led the index to end 0.6 per cent lower.
“In Saudi Arabia, we see some good earnings which will boost market confidence, and oil prices will act as a catalyst to bring international money into the markets,” Sidani said.
Elsewhere, Industries Qatar jumped 3.6 per cent, helping push the benchmark up 0.4 per cent. The firm reported a 55 per cent decline in third quarter profit on Wednesday, but this was better than analysts’ expectations
“The Industries Qatar third-quarter results showed a good performance and investors and brokers have realised this after initially pushing the price down after the earnings came out,” said Mohamed Abu Ghoush, equity brokerage head at Ahli Bank.
“Overall, the performance of the Qatar economy through the crisis has been very good, and a lot of investors are looking at Qatar as a good safe haven compared to the difficult situation in other (Gulf Arab) markets.”
In regional markets, the Kuwait Stock Exchange lost 0.4 per cent to 7,679 points, while Saudi Arabia’s Tadawul All Share Index declined 0.6 per cent to 6,396 points. Qatar’s DSM 20 Index advanced 0.4 per cent to 7,371 points, while Bahrain’s measure was little changed to 1,550 points.
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