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UAE stocks decline on weak corporate earnings
Stock markets in the United Arab Emirates closed lower on Friday, with industrial and financial stocks leading the decline as corporate earnings fell short of market expectations. Dubai’s main market index declined 0.6%, retreating from a near five-month high touched in the previous session. Blue-chip developer Emaar Properties dropped 4.5%, while toll operator Salik Company slipped 2.5%. Salik Company’s third-quarter net profit decreased 8.5% to 341.1 million dirhams ($92.88 million), while Q3 revenue declined 5.7% year-on-year. Among losers, Dubai’s budget carrier Air Arabia slumped 1.2% fol...
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