Dubai heads for 3rd-day loss; banks lift Abu Dhabi
Dubai, October 29, 2012
Dubai's bourse declined in thin trading activity with banks and property-related stocks weighing, while Abu Dhabi's market rose to a fresh 14-month high.
Sentiment continued to be weak after heavyweight Emaar Properties posted a quarterly profit decline and missed estimates.
Shares in Emaar slipped 0.3 per cent, contractor Arabtec shed 1.2 per cent and Deyaar Development declined 0.8 per cent.
Dubai's index was 0.6 percent lower at 1,632 points, heading for its third straight decline. Banks were also lower with Emirates NBD and Dubai Islamic Bank down 1.7 and 1 percent respectively.
Elsewhere in the UAE, Abu Dhabi's measure ticked up 0.4 per cent to 2,668 points, its highest level since August 2011.
Lenders supported with First Gulf Bank and National Bank of Abu Dhabi climbing 1 and 3 per cent respectively. Both beat analysts' average expectation with their third-quarter numbers.
Dana Gas traded flat ahead of this week's sukuk maturity.-Reuters
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