Business | Markets
Real estate stocks crash
Real estate stocks tumbled on Wednesday as more negative news hit the region's commercial hub.
- Agencies
- Published: 14:48 November 12, 2008
- Image Credit: Supplied photo
Dubai: Real estate stocks tumbled again in Dubai on Wednesday as more negative news hit the region's commercial hub after Tamweel Properties reportedly requested funds from the UAE central bank.
Tamweel Properties, Emaar Properties, Union Properties and Deyaar closed almost 10 per cent lower.
Mortgage lender Tamweel received funds from the central bank after the cost of market financing rose, local media reported.
Fellow mortgage lender Amlak, which is in merger talks with Tamweel, also fell more than 9 per cent.
Sorouh Real Estate closed almost 10 per cent lower after it said on Tuesday it was reducing its foreign share ownership by 5 per cent as the global financial turmoil hit its share price. The announcement did little to address the slump as Sorouh closed 9.46 per cent lower on Wednesday.
Aldar Properties ended down 5.63 per cent and Emirates Telecommunications Corp fell 6.88 per cent.
Dubai index closed 5.48 per cent to 2,214 points.
Bank and industrial stocks weighed on Qatar as the index slipped almost 5 per cent, while Kuwait's benchmark closed more than 2 per cent lower led by banks.
Industries Qatar fell 8.56 per cent and Qatar Islamic Bank closed 6.83 per cent down.
The index slipped 4.72 per cent to 6,043 points.
In Kuwait, National Bank of Kuwait and Kuwait Finance House fell 7.58 per cent and 5.19 per cent respectively, pushing the index 2.26 per cent down to 8,851 points.
Bahrain's benchmark fell 2.33 per cent to 2,056 points, led by Ahli United, which tumbled 7.41 per cent.
Bank and Cement stocks lead Oman's main index almost 3 percent lower, extending declines into a second day.
Bank Muscat, down 49 per cent this year, dropped 2.84 per cent and National Bank of Oman slipped 5.6 per cent. Raysut Cement fell 4.11 per cent.
The index, which is down more than 27 per cent this year, closed 2.96 per cent lower at 6,374 points.
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