• Home
• /
• Local business

DFM Ends Low; ADX High

Dubai’s benchmark index seesawed throughout the session, rising by about 1.5 per cent in mid-trade, lifted by property stocks before succumbing to profit-taking to end 0.2 per cent lower at 1,636.29.

The Dubai Financial Market Index turned out to be the Middle East’s biggest loser in 2008, plummeting to 72.4 per cent, while Abu Dhabi Securities Exchange Index fell 47.5 per cent.

Abu Dhabi’s main gauge on the other hand, ended the year on a positive note , inching up 1.5 per cent to close at 2,390.01.

“The markets were very volatile and was still dominated by retailers. As can be expected, stocks were unloaded once gains were realised,” said Chamel Sahmy of Beltone Financial Securities.

Emaar Properties, the region’s biggest property developer, climbed 3 percent in midway but dropped 3 per cent to Dh2.26.

Union Properties sank 8.8 per cent to Dh0.72.

“Growth prospects for Union Properties is limited. It didn’t have any additional landbanking this year, so it doesn’t have at the moment the potential for further revenue growth in the next five to six years,” said Sahmy.

Global Investment House’s credit woes dragged its shares, slipping nearly 10 per cent to Dh7.22.

The country’s biggest construction company, Arabtec Holding shed 0.4 per cent to Dh2.26.

The Commercial Bank of Dubai led the few gainers, rising 4.7 per cent to Dh4.17.

“Some stocks with firm gains in the past week were ripe for profit-taking as there were no major catalysts that convinced investors to hold on to their stocks,” said Hashem Bakry of Al Futtaim HC Securities.

In Abu Dhabi, investors focused on banks. The National Bank of Abu Dhabi surging 9.9 per cent to Dh8.95.

The Abu Dhabi Commercial Bank rose 9.8 per cent to Dh1.78.

First Gulf Bank added 3.9 per cent to Dh9.02. The bank disclosed on Tuesday its board of directors approved limiting foreign ownership of the bank to 15 percent from 30 per cent. The bank said the move was intended to curb foreign speculative trading in the bank’s shares.

rocel@khaleejtimes.com