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Finance and realty pull UAE markets down
UAE markets fell yesterday, ending the four-session rally. A full week rally has not happened in Dubai since April last year, and in Abu Dhabi since June. The downbeat financial and property sector stocks dragged the Dubai bourse down.
- By Nadia Saleem, Staff Reporter
- Published: 22:59 January 29, 2009
Dubai: UAE markets fell yesterday, ending the four-session rally. A full week rally has not happened in Dubai since April last year, and in Abu Dhabi since June. The downbeat financial and property sector stocks dragged the Dubai bourse down.
Dubai Financial Market (DFM) fell by 1.05 per cent to close at 1,520.24
There were 3,432 trades, with just four stocks up, 16 down and five unchanged.
The Abu Dhabi Securities Exchange (ADX) lost ground by 0.2 per cent to end the day at 2,255.85.
While Aldar and Sorouh saw high trading, Sorouh's annual results, which were below expectations, caused the stock to slip 3.68 per cent to Dh2.88.
"A lower close was always likely in Dubai where month-end portfolio adjustment was coupled with investors starting to draw their own conclusions from the lack of company results on the tape so far. The uncertainty remains more damaging than the reality," said Mathew Wakeman, managing director, cash and equity-linked trading, EFG-Hermes.
Among the top gainers on the DFM were Shuaa, which gained 14.81 per cent to Dh1.24, Al Sagr Insurance, du and Ajman Bank. The major losers during the day were Global Investment House that slipped 9.84 per cent to Dh3.48, along with Ekttitab Holding, Islamic Arab Insurance and National Cement.
Regional markets closed lower for the month, reeling from the hit to the financial and real estate sector. DFM, which slid 72.4 per cent in 2008, finished January down seven per cent to close at 1,520.24 after earlier dropping to levels not seen in more than four years.
Meanwhile, ADX was 5.6 per cent lower at 2,255.85. It had shed 47.5 per cent in 2008.
More than $50 billion (Dh183.9 billion) was wiped off of their market capitalisation, which now stands at $549 billion compared to $600 billion last year.
- With inputs from agencies
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