Business | Markets
Dubai index dips 3.57 per cent as real estate stocks slip
Dubai Financial Market index fell 3.57 per cent on Sunday as market saw losses led by real estate stocks. The market closed at 1,756.16.
- By Nadia Saleem, Staff Reporter
- Published: 15:02 July 5, 2009
Dubai: Dubai Financial Market index fell 3.57 per cent on Sunday as market saw losses led by real estate stocks. The market closed at 1,756.16.
Emaar fell 7.14 per cent to Dh2.64, its highest fall in the past month, after its announcement of closing Algerian office. The stock declined 12.77 per cent in one week, since news broke that it might joint forces with other large real estate companies in Dubai.
Aramex, the courier service provider saw profit booking from its rally last week, closing down 7.09 per cent to Dh1.31.
Arabtec, Drake and Scull International and Deyaar also saw losses, while the DFM stock fell 5.26 per cent to Dh1.62.
Abu Dhabi market index declined at 1.28 per cent to close at 2,637.18. Energy and real estate saw the highest retreat, at 5.14 per cent to 187.02 and 4.56 per cent to 461.88, while National Bank of Abu Dhabi's convertible note dragged the index down, retreating 10 per cent to Dh90.
Meanwhile, construction sector bucked the trend and rose 1.58 per cent to 3,727.49.
Aldar Properties declined 0.18 per cent to Dh3.81, while Rak Properties closed almost flat at Dh0.74. Sorouh Real Estate retreated slightly at 0.14 per cent to Dh2.80.
Dana Gas also closed lower, by 0.05 per cent to Dh1.15.
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