Dubai stocks retreated the most in more than two weeks as investors await the release of full-year results and after oil declined in New York.
Air Arabia PJSC, the Middle East’s largest discount airline, decreased for the first time in four days and Dubai Investments PJSC, the owner of stakes in more than 40 companies, slumped 3 percent. The DFM General Index fell 1 percent, the most since Dec. 21, to 1,335.03 at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index slipped less than 0.1 percent.
“People are waiting for full-year and quarterly earnings before making investment decisions,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-largest lender by assets. “There is still some concern over international market performance and volume is weak as there are no positive catalysts.”
Air Arabia may report a 12 percent drop in full-year earnings, according to the mean estimate of five analysts compiled by Bloomberg. Higher fuel prices and political unrest in the Middle East and North Africa led to a 26 percent decline in the company’s third-quarter earnings. Shares in the airline, which may report financial results on Feb. 18, fell 28 percent in 2011. They dropped 1 percent to 58.8 fils today. Dubai Investments, which said in November third-quarter income sank 88 percent, decreased the most since Nov. 21 to 61.1 fils.
Emerging market stocks declined 0.6 percent on Jan. 6 and the Standard & Poor’s 500 Index retreated 0.3 percent after better-than-forecast jobs growth in the U.S. and a drop in the unemployment rate failed to extend a weekly rally. Crude oil for February delivery decreased 0.3 percent to $101.56 a barrel on the New York Mercantile Exchange on Jan. 6. Gulf Arab oil exporters, including the U.A.E. and Qatar, supply about a fifth of the world’s oil.
About 48 million shares traded in Dubai today, compared with a 12-month daily average of about 100 million shares. The DFM General Index fell 17 percent last year.
Saudi Arabia’s Tadawul All Share Index climbed 0.2 percent to 6,467.61, the highest close since Aug. 1. Bank Albilad rose 2.5 percent to 20.5 riyals, the highest since July 2010, after Saudi Arabia’s second-smallest bank said fourth-quarter profit surged to 107 million riyals ($29 million) from 4.5 million riyals a year earlier.
Qatar’s QE Index fell 0.6 percent and Kuwait’s gauge slipped less than 0.1 percent. Abu Dhabi’s ADX General Index lost 0.5 percent, while Oman’s benchmark stock index rose 0.1 percent. Bahrain’s measure was unchanged. In North Africa, Egypt’s market was closed for a holiday.
Israel’s TA-25 Index rose 0.1 percent at 2:43 p.m. in Tel Aviv. The yield on the country’s 5.5 percent notes due January 2022 was little changed.