Business | Markets
UAE stock markets see slide, led by property and construction stocks
Investors are still cautious towards financial stocks
- By Arno Maierbrugger, Deputy Business Editor, and Himendra Mohan Kumar, Staff Reporter, Gulf News
- Published: 00:00 November 18, 2009
- Image Credit: Gulf News
Dubai: After a day of gains on Monday the Dubai Financial Market retreated 0.91 per cent to 2,178.53 on Tuesday as property, construction and financial stocks weighed.
Emaar fell 1.10 per cent to Dh4.50, Arabtec lost 1.23 per cent to Dh 3.20 and Deyaar went down 2.70 per cent to Dh0.72.
Investment company GGICO led the losers, down 4.73 per cent to close at Dh1.41. It was followed by Dar Takaful, Al Madina, Gulf Finance House and Gulf Navigation, which all edged lower.
"Asian markets have reacted softly to the positive overnight lead from US markets," Mac Capital Advisors said in a research note. "Sentiment from these measures dictated a flat to slightly negative day for UAE bourses."
On the upside, Kuwaiti builder and developer ACICO made a 13.81 per cent jump to Dh5.85. Only two more companies rose. Emirates NBD gained 1.09 per cent to Dh4.65, and Al Salam Sudan Bank rose 0.82 per cent to Dh2.45.
Low-cost carrier Air Arabia, which reported its first drop in quarterly profit on Saturday and said it expects difficult market conditions, fell 1.87 per cent to Dh1.05 amid high volume.
The Sharjah-based airline is launching a new budget carrier with an Egyptian partner and setting up a third hub in Alexandria. It began flying from its Casablanca hub earlier this year.
Dubai Financial Market's own DFM share price fell 1.71 per cent to Dh2.30, a sign that investors are still cautious towards financial stocks.
Abu Dhabi
Meanwhile, the Abu Dhabi Securities Exchange (ADX) general index fell 0.10 per cent due to declines in industrial, real estate, construction and banking stocks as investors booked their profits.
The market index fell to to 2,963.85 amid higher trading volumes compared to Monday, but the combined value of the shares traded fell.
Market analysts say there is currently an absence of any significant market-moving news that could trigger a rally. While institutional investors stay invested awaiting the next rally, it's the day traders who are mainly active.
On Tuesday, 64.43 million shares worth a combined Dh145.91 million were traded.
Of the 33 companies traded, 11 rose, 15 fell and 7 remained unchanged. International Fish Farming Holding Co was the main gainer, rising 10 per cent to close at Dh18.70.
Qatar Telecom was the main loser as it went down 6.45 per cent to Dh145.
Sorouh Real Estate was the most active by value, while Dana Gas was the most active by volume. Sorouh's shares worth Dh33.56 million traded.
The stock ended 0.04 per cent lower at Dh3.35.
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