Abu Dhabi-listed telecoms operator Etisalat slips after writing off its operations in India, weighing on the emirate’s index, and Dubai’s bourse halts its recent rally.
Shares in heavyweight Etisalat fall 1.6 percent. It wrote off the $827 million value of its India operations, a week after the country’s Supreme Court ordered the cancellation of licences awarded during a scandal-tainted 2008 auction, including those held by the Gulf carrier’s joint venture.
Abu Dhabi’s benchmark declines 0.4 percent to 2,457 points, down in four of last five sessions.
Dubai’s Emaar Properties dips 1.4 percent ahead of expected earnings, while contractor Arabtec extends gains, rising 1.5 percent.
Dubai’s index eases 0.05 percent to 1,486 points, down from Thursday’s five-month closing high.
Elsewhere, Oman’s Raysut Cement gains 3.2 percent after reporting a 2011 profit of 14.9 million rials.
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