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Dubai shares decline on real estate gloom

Dubai shares declined on concern that developers may take further measures to curb property speculation, damping share prices.

  • Bloomberg
  • Published: 23:44 August 28, 2008
  • Gulf News

Dubai: Dubai shares declined on concern that developers may take further measures to curb property speculation, damping share prices.

Deyaar Development led property stocks lower. Qatar National Bank retreated after buying a stake in a UAE bank. DP World jumped after reporting first-half profit almost doubled, beating analysts' estimates.

The Dubai Financial Market General Index retreated 0.3 per cent to 4,789.81.

The Abu Dhabi index added 1.3 per cent, ending three days of declines. It rose to 4,416.08.

"The lack of any positive catalyst, with the summer holidays and Ramadan, is leaving the markets vulnerable,'' said Ali Khan, head of equity trading at Dubai-based Arqaam Capital. "Worries about rumours of possible investigations, concerns about a re-rating downwards on the property sector, or possible additional measures from property developers to curb excessive speculation will continue to pressure the stocks.''

The Dubai Financial Market Real Estate Index fell 0.6 per cent, bringing the loss so far this month to 14 per cent. Deyaar fell 1.6 per cent to Dh1.85. The shares have lost 11 per cent so far this month.

DP World jumped 7.5 per cent to $0.86. The company said first-half earnings almost doubled to $277 million after acquiring terminals in Africa.

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