Amwal Al Ghad - 2012-09-23 15:04:22
Dubai’s benchmark stock index fell the most in almost two weeks before companies in the emirate report third-quarter financial results and after oil dropped.
Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest construction company, fell to the lowest level since March 8. Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, decreased 1.1 percent. Dubai’s DFM General Index (DFMGI) dropped 0.8 percent, the most since Sept. 10, to 1,592.78 at the close. The measure has soared 9.7 percent this quarter. Qatar’s QE Index (DSM) retreated 0.4 percent and the Bloomberg GCC 200 Index (BGCC200) of the region’s top 200 equities lost 0.1 percent.
“We’re getting closer to third-quarter results, so traders are waiting for signals, especially because the markets have already rallied,” said Nabil Rantisi, managing director of brokerage at Abu Dhabi-based Menacorp.
Gulf Cooperation Council countries are scheduled to announce quarterly results next month. Arabtec, which has the fourth-heaviest weighting on Dubai’s gauge, may post third- quarter profit of 15 million dirhams ($4.1 million), according to an estimate by Securities & Investment Co. and 7 million dirhams, according to National Bank of Kuwait. That’s down from 39.1 million dirhams in the year-earlier period. Emaar may report a 14 percent drop in net income, a National Bank of Kuwait (NBK) estimate on Bloomberg shows. More»