UAE stock markets continue to slide

Dubai: UAE markets continued to tumble on Monday as investors went on a profit-taking spree amid concerns of a negative falllout from the spread of swine flu and corporate earnings so far falling below expectations.

The Dubai Financial Market index slipped 4.25 per cent to close at 1568.52 led by real estate and finance stocks. The Abu Dhabi Securities Exchange Index fell 2.78 per cent to 2472.68.

Emaar Properties, Deyaar Development, Arabtec lost 7.26 per cent to Dh2.30, 8.96 per cent to Dh0.61 and 7.66 per cent to Dh1.93 respectively.

Dubai Investments Company led the losers, dropping 10 per cent to Dh1.17.

In Abu Dhabi, foreign investors sold off Aldar and Sorouh shares to book profits after the market had witnessed three month highs recently. Aldar shed 8.22 per cent to Dh3.35 and Sorouh decreased by 8.12 per cent to Dh2.49.

National Bank of Abu Dhabi fell 7.68 per cent to Dh8.66 and First Gulf Bank dropped 4.29 per cent to Dh10.05. Dana Gas and TAQA fell 8.33 per cent to Dh0.77 and 4.69 per cent to Dh1.83.