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MIDEAST STOCKS-Shares in First Abu Dhabi Bank, Emaar Properties slip
October 26, 2017 / 9:37 AM / 2 months ago

MIDEAST STOCKS-Shares in First Abu Dhabi Bank, Emaar Properties slip

DUBAI, Oct 26 (Reuters) - Shares in First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, dipped 1.9 percent on Thursday, the day after it reported an 18 percent drop in third-quarter profit.

Financial sector stocks helped drag the Abu Dhabi index down 0.6 percent in early trading.

Elsewhere on the exchange, shares in Etisalat, the United Arab Emirates-based telecom group, edged up 0.05 percent following its reporting on Wednesday of a 29 percent increase in third-quarter net profit.

In Dubai, shares in Emaar Properties and Emaar Malls dropped 0.7 percent and 0.9 percent, respectively, after Emaar Properties said an initial public offering in its development unit would be a similar size to the offering of Emaar Malls when it was listed on Dubai Financial Market in 2014.

Shares in Emaar Properties dipped by two percent on Sunday after it said it expected to sell a 20 percent stake in Emaar Development, less than had been anticipated.

The Dubai market was 0.3 percent down in early trading on Thursday. Saudi Arabian stocks opened largely flat, with Saudi stock index opening 0.3 percent down. In Qatar the index was down 0.02 percent. (Reporting by Tom Arnold; Editing by Saeed Azhar and Jon Boyle)

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