Blue chip sell-off sends Abu Dhabi and Qatar lower; Dubai volatile

A sell-off in blue chips weighed on stock markets in Abu Dhabi and Qatar in early trade on Tuesday while Dubai’s index swung in volatile trade. The Dubai index was initially up as much as 0.8 per cent with trade concentrated in volatile and mid-sized shares. But speculators then sold Arabtec, dragging the index slightly […]

A sell-off in blue chips weighed on stock markets in Abu Dhabi and Qatar in early trade on Tuesday while Dubai’s index swung in volatile trade.

The Dubai index was initially up as much as 0.8 per cent with trade concentrated in volatile and mid-sized shares. But speculators then sold Arabtec, dragging the index slightly lower; it was down 0.1 per cent after 45 minutes.

Arabtec at first added 2.9 per cent before erasing all gains and falling 0.6 per cent. The builder fell 6.6 per cent on Monday as speculators booked profits after the company said in a brief statement that rumours former chief executive Hasan Ismaik would be appointed to its board were false.

Union Properties, a mid-cap developer, added 1.1 per cent in another session of unusually high volume; it jumped 14.4 per cent on Monday.

In Abu Dhabi the benchmark edged down 0.4 per cent as blue chip Aldar Properties and First Gulf Bank each fell back by more than 1.0 per cent.

A sell-off in large caps weighed on Doha, which retreated 0.8 per cent in its first 20 minutes of trade. On Monday the index had surged 2.3 per cent.

Doha Bank sank 7.3 per cent after the bank’s annual general meeting approved a 3 Qatari riyal per share dividend; the chairman told the meeting that the bank would revise its 2016-2018 strategic plan, particularly with regard to overseas offices and branches, but did not elaborate.

Other lenders were also sold while Ezdan Holding, a developer with a market cap over $10 billion, dropped 1.2 per cent.

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Source: Business

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