Dubai shares led four out of seven Gulf markets lower yesterday, spooked by a sharp fall in Emaar Properties, the largest Arab real estate developer by market value. Saudi Arabia, the largest Gulf market, Doha and Abu Dhabi ended in the red, while Kuwait, Bahrain and Muscat shares bucked the negative trend.

Emaar Properties dragged the Dubai market down 1.8% to 4419.49. The stock fell 3.8% to 11.55 dirhams after failing to enthuse investors with its second-quarter profit, said a trader at EFG Hermes. Air Arabia listed with a 11% gain over its initial public offering issue price to 1.11 dirhams.

Real estate and banking shares pulled the Abu Dhabi market down 0.3% to 3674.76, led by losses in Sorouh, down 1.3% to 4.58 dirhams and Abu Dhabi Commercial Bank, down 1.2% to 7.32 dirhams. ADCB fell after reporting a 12% decline in second-quarter net profit. Etisalat rose 0.3% to 18.90 dirhams on its dividend record date.

Investors traded on company earnings while the broader market in Saudi Arabia moved within a narrow range, ending down 0.3% at 7427.03. Index heavyweight Saudi Basic Industries, or Sabic, fell 0.6%, while telecom stocks pared losses. Etihad Etisalat attracted strong buying for the second consecutive day, up 4.1%.



Saudi Vitrified Clay Pipe fell 3.4% after reporting a 14% drop in second-quarter net profit. Some weakness was also expected as investors liquidate secondary market positions to apply for Kingdom’s shares in the last few days, said a Saudi market analyst. Kingdom IPO closes today.

Telecom and banks helped the Kuwait market rise 0.9% to 12412.6, led by gains in Kuwait Finance House, up 1.4% to 2.840 dinars. MTC was up 1% to 4.200 dinars. Investors bought MTC shares after they fell in the previous three sessions due to a decline in second-quarter profit, said a trader at NBK’s brokerage department. Credit Suisse has downgraded MTC to neutral from outperform.

Bahraini shares ended up 0.4% to 2475.76, led by gains in Bahrain Telecom, or Batelco, up 2.7%. The company reported a 14% jump in second quarter net profit after market hours yesterday. Muscat stocks were up 0.3% to 6444.96 at close. – Zawya Dow Jones