Business | Markets

Realty and bank stocks lead decline on UAE bourses

UAE stocks suffered a tangible decline yesterday, losing Dh9 billion in market capitalisation, on account of heavy losses in the real estate and banking sectors.

  • By Ahmed A. Elewa, Senior Reporter
  • Published: 21:26 March 2, 2008
  • Gulf News

Dubai: UAE stocks suffered a tangible decline yesterday, losing Dh9 billion in market capitalisation, on account of heavy losses in the real estate and banking sectors.

The Emirates Securities general index retreated by 1.06 per cent to 6,098.48 on relatively weak volumes, where about Dh1.56 worth of shares changed hands.

In Dubai, the general index dropped to 5,866.91, reflecting the apparent squeeze in liquidity.

Emaar Properties was the worst hit, losing more than Dh1.8 billion in market value, as the share price plunged 2.41 per cent Dh12.15. The developer was followed by the largest listed bank in the UAE in terms of market capitalisation, Emirates NBD, which wiped Dh1.44 billion of its market value by sliding 2.4 per cent to Dh14.25.

Other declining real estate developers include Union Properties and Deyaar Development which fell 2.28 and 1.87 per cent to Dh4.71 and Dh2.62 respectively.

The real estate's decline was also apparent in Abu Dhabi, where Aldar Properties dropped by a dramatic 5.17 per cent to Dh11, losing Dh1.39 billion in market value to stand at Dh25.53. The losses of the general index in Abu Dhabi were less severe due to etisalat's firm stand at the Dh25 level, despite the sharp declines recorded by other leading shares. The National Bank of Abu Dhabi dropped 1.09 per cent to Dh22.70. The general index retreated by 0.59 per cent to 4,787.39.

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