Dubai-based investment bank Shuaa Capital posted a second-quarter loss, hit by a fall in the value of its investments and dwindling trading volumes.
Shuaa said on Tuesday it swung to a net loss of Dh56.6 million in the second quarter from a Dh91.7m net profit a year ago.
"Regional markets have experienced the lowest levels of trading activity since 2004 during the first half of the year and investor confidence has continued to weaken significantly," Chairman Majid Al Ghurair said. "We do not believe that these conditions can persist indefinitely."
Shuaa attributed the quarterly loss to losses on the bank's investments and heritage portfolio.
Chief Executive Sameer Al Ansari said activity in the third quarter could continue to be slow, while a pick-up will happen in the fourth quarter.
"Our results are strongly influenced by investor sentiment and activity. Although Q3 is traditionally slow, we believe Q4 will see a tangible pick-up in activity," Al Ansari said.