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Sheikh Hamdan took to social media platform X to make the announcement on World Teachers' Day
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DFM falls as volumes hit 3-week low
DUBAI — Dubai Financial Market’s General Index, or DFMGI, on Tuesday fell as volumes dropped to a three-week low. Dubai Financial Market declined 1.5 per cent to Dh1.95 after Shuaa Capital slashed its price target on the stock to Dh1.20 from Dh1.58.
Arabtec fell 1.5 per cent ahead of the April 16 deadline for due diligence on its 70 per cent stake sale to Aabar Investments.
Emaar Properties lowered 0.7 per cent, slipping from Monday’s 14-week high. The stock had surged on talk the developer was looking to sell a building in Dubai’s Emaar Square currently leased to HSBC. “Information on (the) sale of HSBC building is not correct,” an Emaar spokesman said. “HSBC building is still owned by Emaar.”
The DFMGI fell 0.7 per cent to 1,822 points, taking its losses to 3.1 per cent since hitting a 14-week high on March 28. It had surged following Dubai World’s March 25 debt restructuring offer. Volumes fall to their lowest level since March 24.
“After the Dubai World offer, liquidity went through the roof as a lot of fast money entered the market,” said a Dubai-based analyst who asked not to be identified.
“But the announcement did not trigger long-term money to come in and so the market was not able to sustain gains.
“We need more clarity on the debt restructuring, how long this process will take and whether other big Dubai companies will also restructure.”
Abu Dhabi Securities Market’s General Index, or ADXGI, fell 0.2 per cent to 2,860 points as volumes slump to a six-week low. Aldar Properties and Sorouh Real Estate dropped 1.3 per cent and 1.2 per cent, respectively. —
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