Aldar pulls down Abu Dhabi, Barwa buoys Qatar

People walk past the headquarters of Aldar Properties at Al Raha Beach in Abu Dhabi. (File photo: Reuters)

Stock markets in the United Arab Emirates fell in early trade on Sunday in response to global cues, after U.S. markets dropped at the end of last week on Argentina's debt crisis, confusion over U.S. monetary policy and geopolitical tensions.

The main Abu Dhabi index was down 0.6 percent after an hour of trade. Aldar Properties, the most heavily traded stock, sank 2.7 percent after it reported a 168 percent year-on-year jump in its second-quarter net profit, excluding one-time merger gains in the corresponding period last year. That was in line with analysts' estimates.

Dubai's index fell 0.4 percent with real estate developers generally weak; Emaar Properties, which is expected to announced its second-quarter earnings as soon as on Sunday, dropped 0.5 percent.

However, construction firm Arabtec, the most heavily traded Dubai stock, rose 1.4 percent.

Qatar's stock index climbed 0.4 percent as the market reopened after long Eid holidays. It was supported by Barwa Real Estate, which rebounded 1.6 percent; it had plunged in the two previous days after reporting a second-quarter loss.

However, Mesaieed Petrochemical edged down 1.1 percent after reporting a first-half net profit of 899 million riyals ($247 million), while Salam International Investment fell 1.4 percent after saying interim earnings per share roughly tripled.

Last Update: Wednesday, 20 May 2020 KSA 09:43 - GMT 06:43