Shares in Emirates NBD fell for the third trading day since Standard & Poor’s cut its ratings for two of the bank's units. The lender dropped 2.7 per cent, taking its losses to 8.6 per cent over this period. Arabtec declined 4 per cent and Shuaa Capital plunged 6 per cent. On Wednesday, Shuaa announced it was seeking damages over its investment in Orion Holdings Overseas Ltd. Dubai's index slid 0.6 per cent to 1,671 points. "Trading is lacklustre – everyone is waiting for more corporate earnings to come out and a level of pessimism has returned," says Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments. "Nothing will change until earnings are released – we're in a lull of what will be a very long summer, with volumes not expected to pick up significantly." Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here .