Lukewarm trading on Gulf stock exchanges as investors stay away

Published: Friday, February 11, 2011 with 10 Comments

By Hadeel Al Sayegh  www.thenational.ae

Trading on local exchanges was lukewarm yesterday ahead of earnings releases by blue-chip stocks in Abu Dhabi and Dubai.

“There were opportunities for investors to take positions, however most were staying away,” said Rami Awwad, the operations manager at Al Awael Securities in Abu Dhabi.

The Dubai Financial Market General Index lost 0.2 per cent to 1,598.40. The index was flat with 1,412 trades being made, at a total value of Dh89 million.

After the close of trade, two major companies released earnings. Emaar Properties, the developer of the tallest skyscraper in the world, reported a net profit of Dh274m, down from Dh720m last year. A consensus of six analysts on Bloomberg had predicted a net profit of Dh660m. Emaar declined 1.2 per cent to Dh3.25 a share yesterday.

In Abu Dhabi, the telecommunications operator Etisalat declared a net profit of Dh7.6 billion from Dh8.8bn last year. Earnings per share declined to Dh0.97, from Dh1.12 in 2009. Etisalat gained 0.9 per cent to Dh11.10 yesterday.

The Abu Dhabi Securities Exchange remained little changed at 2,710.61, as 1,103 trades were made in the capital at a total value of Dh99m.

Elsewhere in the region, Kuwait’s index declined 0.2 per cent to 6,738.90. Bahrain’s measure remained unchanged at 1,467.59. Oman’s bourse lost 0.3 per cent to 6,914.97. Qatar’s measure gained 0.3 per cent to 8,949.76. The Saudi Tadawul All-Share Index gained 0.1 per cent to 6,611.60.

halsayegh@thenational.ae

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