President Emmanuel Macron should have appointed a prime minister from their ranks, said the left-wing lawmakers
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Arabtec fell 1.9 per cent to Dh2.06, the lowest close since December 13. Arabtec, which is in the process of selling a 70 per cent stake to Aabar Investments, closed at the lowest level in more than two months after recording its first quarterly loss as a publicly traded company since its listing in 2005.
Dubai Financial Market, the bourse operator, dropped 1.4 per cent to Dh1.41 after proposing a smaller dividend than the year before as full-year net profit plunged by nearly half.
DFMGI fell 15.21 points, or 0.96 per cent, to 1,573 points, its lowest finish since February 24 as volumes dropped to a nine-day low. Out of 30 stocks traded yesterday, only two posted gains, while 12 remain unchanged and 16 declined as volume dropped to 76.15 million shares from 99.78 million shares traded a day before.
Aramex declined 2.86 per cent to Dh1.70 after proposing a bonus share payout, rather than cash. In a statement posted on DFM website, logistics firm said its board had recommended a distribution of 10 percent bonus share for 2009. The company will also hold its annual general meeting on April 6, the statement said.
Emaar Properties retreated for a second day and fell 1.67 per cent to Dh2.94. Emirates NBD declined 1.65 per cent to Dh2.38.
“Company financials haven’t had much effect on the market — Dubai World and the lack of liquidity is really controlling the attitude of investors,” said Samer Al Jaouni, General Manager of Middle East Financial Brokerage Company. “Small speculators are active — institutions and big portfolio holders are out of the market, waiting for news on Dubai World. Also, big brokerage and banks are not providing enough liquidity for traders to trade,” he said.
In November, Dubai World asked for a standstill as it tries to restructure multi-billion dollar debts, with an announcement expected in March.
In Abu Dhabi, the benchmark index of Abu Dhabi Securities Exchange rose 5.79 points, or 0.21 per cent, to 2,730.54 points on recovery in banking and property shares.
First Gulf Bank rose 3.46 per cent to Dh17.95 and remained a top gainer followed National Bank of Abu Dhabi, up 0.92 per cent at Dh10.95.
In property sector, Waha Capital advanced 1.1 per cent to 0.92 fils.
On negative sides, Abu Dhabi National Takaful Company plunged 10 per cent to Dh4.50. Qatar Telecom and Abu Dhabi Ship Building dropped 3.35 and 3.31 per cent, respectively.
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