Dubai slips to six-day low as Emaar drags

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Dubai's Emaar Properties tumbles after its quarterly earnings missed estimates, dragging down the emirate's bourse to a six-day low.

Shares in Emaar fall 3.7 percent, but are still up 25 percent in 2013.

The developer posted a 28-percent drop in fourth-quarter profit, as costs soared amid a revival of stalled projects in the emirate.

Analysts say the earnings were strong despite the miss, as revenue from its retail and hospitality business remains healthy.

"Investors were just looking for an opportunity to book profit," says Sebastien Henin, portfolio manager at The National Investor. "We were expecting this move but it doesn't change the overall fundamental strength of Dubai."

Heavyweight Emirates NBD also weighs, falling 2.1 percent. The bank said it will start repaying part of the 12.6 billion dirhams ($3.43 billion) it received from the government in 2008.

Dubai's benchmark drops 2.1 percent to close at 1,848 points, down from Thursday's 37-month high. It's the largest one-day fall since March 7.

Abu Dhabi's measure ends little changed, easing 0.03 percent from Thursday's near-three-year high.

In Qatar, the bourse also ends near-flat.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Features & Analysis
Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Taking stock

Taking stock

Gulf stock markets have seen a dearth of IPOs since the global...

Steering clear of the stock markets

Steering clear of the stock markets

Listing was all the rage three years ago, but IPOs have since...

Most Discussed
  • 10
    UAE teens among the highest for obesity rates

    Everyone in UAE knows that biggest is best.

    UAE may not light up the international league tables in standard of living, education standards, press... more

    Friday, 29 August 2014 4:20 PM - Proud UAEer
  • 9
    Saudi Arabia seeks talks on hiring of Sri Lankan maids

    perhaps the unemployed saudi men or the millions of women who are not allowed to work could pick up a broom and start sweeping their own houses. more

    Sunday, 31 August 2014 3:28 PM - nice
  • 9
    Smoke-free Dubai - the big debate

    Surprisingly the only studies that show a negative financial impact of the smoking ban on the hospitality industry are sponsored by tobacco companies ... more

    Wednesday, 27 August 2014 4:19 PM - Telcoguy
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew