STOCKS NEWS MIDEAST-Abu Dhabi names beat estimates, Dubai firm misses

May 12, 2014

0540 GMT – The latest batch of quarterly earnings released on Monday could help lift Abu Dhabi’s stock market but weigh on Dubai, which already came under selling pressure in the last session.

Companies in the United Arab Emirates reported mixed results in the morning as Abu Dhabi’s Aldar Properties and Union National Bank beat analysts’ estimates while Dubai’s Drake and Scull missed them.

Aldar, the emirate’s biggest real estate developer, reported a three-fold increase in first-quarter net profit: SICO Bahrain had forecast it would roughly double. The stock dropped 6.1 percent on Sunday but is up 40.6 percent this year.

Union National Bank reported a slight rise in quarterly profit, outperforming the view of analysts who had expected its earnings to shrink.

Dubai contractor Drake and Scull, on the other hand, posted a 27.1 percent decline in first-quarter net profit on Monday.

The firm made a net profit of 45.7 million dirhams ($12.4 million), below analysts’ average forecast of 58.9 million dirhams.

The earnings miss could put further pressure on Dubai’s bourse which posted its biggest daily loss in a month on Sunday as retail investors booked profits. The market’s main index fell 3.1 percent.

Qatar’s benchmark appears upbeat after hitting a new all-time closing high of 12,995 points on Sunday but faces resistance at the psychologically-important 13,000 point level and then at 13,069 points, the historical intra-day high. (Reporting by Olzhas Auyezov; Editing by David French)

  • Finance
  • Investment & Company Information
  • Union National Bank
  • Dubai
  • Abu Dhabi
  • Aldar Properties

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