Major companies drag UAE markets down

Abu Dhabi: The Abu Dhabi Securities Market fell on Monday on account of the steep decline of the leading shares dragging the general index down by 1.42 per cent to 4,717.10.

Of the total Dh9 billion worth of losses in market capitalisation, etisalat and National Bank of Abu Dhabi (NBAD) alone accounted for almost Dh4 billion.

NBAD dropped 3.15 per cent to Dh23.05 while etisalat plunged 2.24 per cent to Dh24.

Other leading shares moved within a tighter margin in sideways trading, with the exception of Arkan Building Material that continued its strong gains, advancing 5.85 per cent to Dh4.52.

In the real estate sector both Aldar Properties and Sorouh Real Estate fell by 0.44 and 0.51 per cent to Dh11.40 and Dh9.68 respectively. The value of traded shares was relatively high at Dh1.6 billion compared to only Dh727.5 million worth of trading in Dubai.

Dubai Financial Market's (DFM) general index declined 0.78 per cent to 5,707.32. Most of the leading shares fell by a fraction, reflecting the cautious investor sentiment and shortage of liquidity.

Among the most traded, Emaar Properties declined 0.44 per cent to Dh11.30 while DFM's shares fell 0.17 per cent to Dh5.95.

Arabtec reversed course after gaining almost six per cent on Sunday to drop by 3.35 per cent to Dh11.55 yesterday despite its announcement of a 50 per cent cash dividend after recording Dh535 million worth of net profit in 2007.

Overall, the total value of traded shares stood at Dh2.3 billion, while the Emirates Securities general index dropped by more than one per cent to 5,976.63.