Dubai main stock index fell again
Dubai's main stock index fell for a third day YESTERDAY as investors judged share prices outpaced dividend expectations after disappointing first-quarter results.
Dubai's index, the third-worst performer in the Gulf, closed down 0.92 per cent, paced by Dubai Financial Market Co (DFM) and Amlak Finance.
Shares of DFM tumbled 8.48 per cent and Amlak 4.84 per cent, after the Islamic mortgage company posted its second-smallest quarterly profit in two years.
Analysts said poor first-quarter results and Deyaar's initial public offering next month underpinned the decline.
"The disappointing results and the IPO have created all this negative impact in the market," said Wadah Al Taha, head of strategy and business development at Emaar Financial Services. In Kuwait, the stock market index closed up at its highest in a year, paced by MTC. The index, gained 0.43 per cent to 10,710.40 points. MTC rallied at 2.92 per cent.
Dubai's index, the third-worst performer in the Gulf, closed down 0.92 per cent, paced by Dubai Financial Market Co (DFM) and Amlak Finance.
Shares of DFM tumbled 8.48 per cent and Amlak 4.84 per cent, after the Islamic mortgage company posted its second-smallest quarterly profit in two years.
Analysts said poor first-quarter results and Deyaar's initial public offering next month underpinned the decline.
"The disappointing results and the IPO have created all this negative impact in the market," said Wadah Al Taha, head of strategy and business development at Emaar Financial Services. In Kuwait, the stock market index closed up at its highest in a year, paced by MTC. The index, gained 0.43 per cent to 10,710.40 points. MTC rallied at 2.92 per cent.
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