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ADCB Pulls ADX Down 2.2pc

DUBAI - Abu Dhabi stocks witnessed a second successive day of fall on Tuesday as it closed 2.2 per cent down, led by Abu Dhabi Commercial Bank, or ADCB, while Dubai stocks recorded a modest decline of 0.31 per cent.

ADCB, the UAE’s third-biggest bank by assets, dropped to its lowest in almost two months, falling 5.4 per cent 
to Dh1.59. First Gulf Bank, National Bank of Abu Dhabi and Abu Dhabi Commercial Bank all lost more than 5 per cent 
on Tuesday. “Banks shares have slumped in global markets and this has spread to the Gulf,” said Sunil Dhall, vice-president at Gulf Baader Capital Markets.

Real estate sector also suffered as Aldar Properties fell nearly 5 per cent and Sorouh Real Estate dropped 4 per cent as investors booked profits from recent gains. Aldar surged around 60 per cent this month to Sunday, while Sorouh appreciated by 30 per cent over the 
same period. The Abu Dhabi Securities Market benchmark index closed at 2,567.21 after losing 56.49 points, 
or 2.2 per cent.

The Dubai Financial Market General Index regained most of its early losses to close down 0.3 per cent at 
1,661.31 points.Deyaar topped the losers’ side, which fell 3 per cent followed by Aramex and Arabtec Holding, both dropped 
1.8 per cent. Arabtec losses reached 10 per cent since the firm announced a 30 per cent fall in the first-quarter profit.

Etisalat closed at its lowest since February 26, falling 1.2 per cent to Dh9.98. Dubai, which raised $10 billion in February to help its companies battle the credit crisis, has disbursed “slightly more than half” of the money which will help state-affiliated developers pay contractors’ bills, Nasser bin Hassan Al Shaikh, Director-General of the emirate’s Department of Finance said in an interview on DubaiEye radio 
on Tuesday.

abdulbasit@khaleejtimes.com