Dubai’s DFM General Index tumbled 3.5 percent to the lowest in almost seven years and the ADX General Index dropped 1.8 percent.
The following stocks rose or fell in the Gulf. Symbols are in parentheses.
Aldar Properties PJSC (ALDAR UH) and Sorouh Real Estate Co. (SOROUH UH) dropped to the lowest close since listing in 2005. Abu Dhabi’s biggest developers had their share-price estimates cut at HSBC Holdings Plc, citing a decline in the sheikhdom’s housing prices. Aldar slumped 9.3 percent to 1.27 dirhams and Sorouh slid 5.7 percent to 99 fils. HSBC cut the price estimates to 1.35 dirhams and 1.05 dirhams, respectively.
First Gulf Bank PJSC (FGB UH) fell to the lowest since October, decreasing 5.7 percent to 15 dirhams. The United Arab Emirates lender controlled by Abu Dhabi’s ruling family had its share-price estimate cut 6.1 percent to 32.08 dirhams at Goldman Sachs Group Inc.
Mobile Telecommunications Co. (ZAIN KK) tumbled the most since Feb. 20, dropping 5.9 percent to 1,280 fils. Regional rival Emirates Telecommunications Corp. (ETISALAT UH) missed another deadline to buy a 46 percent stake in the Kuwaiti operator. Etisalat shares retreated 0.5 percent to 10.80 dirhams.
National Industries Group of Kuwait (NIND KK) slumped the most since June, declining 8.2 percent to 248 fils. The largest industrial investment company in Kuwait had its ratings lowered to B2 from B1 at Moody’s Investors Service.
Qatar Telecom QSC (QTEL QD) fell to the lowest in almost a year, dropping 3.6 percent to 144.6 riyals. The Persian Gulf nation’s largest company by revenue said fourth-quarter profit fell 5 percent amid increased competition in its home market and as margin on earnings declined.