Business | Markets
Taqa leads decline in Abu Dhabi as Emaar drags Dubai down
Shares of Abu Dhabi National Energy (Taqa) fell in Abu Dhabi after it said on Wednesday $5 billion of new acquisitions were planned for 2008, while Emaar dragged on Dubai's index.
- Reuters
- Published: 00:03 June 13, 2008
Dubai: Shares of Abu Dhabi National Energy (Taqa) fell in Abu Dhabi after it said on Wednesday $5 billion of new acquisitions were planned for 2008, while Emaar dragged on Dubai's index.
The Abu Dhabi index closed 0.6 per cent down at 5,117.67. The Dubai index closed 1.12 per cent lower at 5,658.95.
Taqa closed 1.76 per cent down and Abu Dhabi Commercial Bank ended 2.06 per cent lower.
"Taqa has made massive gains recently and it's a classic model of a company that makes huge gains and then starts to realise its losses when the real news come up," said Mohammad Al Alami, head of the international desk at Naeem Shares and Bonds.
In Dubai, Emaar and Dubai Financial Market led declines, falling 1.32 per cent and 1.96 per cent respectively. "A lot of people blame the fall on what is happening on international markets," said Al Alami.
Gulf markets
Banking stocks weighed on Oman after investment bank ING said new lending rules in Oman could hit bank profits adding that Qatar and Abu Dhabi offered more opportunity for growth.
The index closed 1.01 per cent down at 11,987.07 points. Bank Muscat dove 3.01 per cent, National Bank of Oman fell 2.17 per cent and Bank Dhofar dropped 2.06 per cent.
"It is because of the ING report on Oman banks to sell in favour of other markets," said Adel Nasr at United Securities. "Foreign institutions are selling the banking sector."
The Kuwaiti index closed down 0.27 per cent at 15,306.10 points as logistics provider Agility fell 7.25 per cent, breaking a rally of more that a week which had seen the stock soar about 17 per cent.
The company said it had won the renewal of a US Army contract worth up to $200 million.
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