: Selling Spree On Dubai’s Stock Markets

Posted on the August 18th, 2009 under Uncategorized by Admin

Jittery investors went on a selling spree on the UAE markets on Monday, as both the Dubai Financial Market (DFM) general index and the Abu Dhabi Securities Exchange (ADX) index falling considerably. In Dubai, real estate stocks led the slide, as the general index slumped 5.76 per cent to 1,774.01.

Emaar was down 8.75 per cent to close below the Dh2 mark on Dh1.92.

Union Properties, which last week posted a net loss in profits for the second quarter continued to be on the sell list, slipping 9.62 per cent, on Dh0.94. Arabtec and Deyaar also fell, with the former closing on Dh2.59 and the latter on Dh0.70. News of Union Properties results led investors to panic sell amid renewed fears about the state of the real estate market in Dubai. In Abu Dhai, the general index dipped 2.44 per cent to close or just under 70 points on 2,783.14. Real estate and energy stocks led the selling, with Sorouh falling 7.82 per cent to close on Dh2.77 while Aldar slipped 7.14 per cent, closing on Dh4.09.

Dana Gas dropped 7 per cent to close on Dh1.11, while investment firm Aabar slid 6.91 per cent, closing on Dh2.48.