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DFM shares decline to three-week low on Emaar
DUBAI — Dubai’s benchmark index declined to the lowest level in almost three weeks after Standard & Poor’s lowered Emaar Properties PJSC credit rating and placed Dubai Islamic Bank PJSC on negative outlook.
Emaar, the developer of the world’s tallest tower in Dubai, dropped 2.1 per cent. Dubai Islamic Bank, the United Arab Emirates’ biggest Islamic lender, fell to the lowest level since March 18. Shuaa Capital PSC retreated the most in more than six weeks. The Dubai Financial Market General Index lost 1.9 per cent to close at 1,765.23, the ninth worst performer among 93 indexes tracked by Bloomberg. The measure lost 5.1 per cent in the week, after gaining 16 per cent last month.
“The market is going through a classic case of loss aversion after the rally in March,” said Sameh Hassan, director of research at Rasmala Investment Bank Ltd. “With this state of mind, investors look for reasons to justify their sales, and an S&P downgrade satisfies that need.”
The economy of Dubai, the second-biggest of the seven states that make up the United Arab Emirates, was hit by the global crisis as credit markets seized up and real-estate prices plunged. The slowdown forced Dubai World Ltd., one of the emirate’s three main state-owned holding companies, to say on November 25 that it’s seeking to postpone debt repayments.
Dubai’s measure has advanced 10.8 per cent since the beginning of March after Dubai World announced plans to restructure about $24.8 billion of debt. The gauge climbed 4.3 per cent on March 25 after the government said it will support the company with as much as $9.5 billion.
Standard & Poor’s yesterday lowered Emaar’s long-term credit rating to BB from BB+ and placed it on negative outlook, saying the state-owned company is unlikely to receive “extraordinary” support from the government.
Emaar’s shares retreated to 3.80 dirhams, the lowest level since March 24 in Dubai. The builder of the world’s tallest tower in Dubai had a negative outlook placed on its ratings by S&P.
Dubai Islamic Bank’s credit rating outlook was placed on negative and its long-term counterparty ranking affirmed at BBB- by S&P. Dubai Islamic and Emaar have a combined market weight of 35 per cent on the Dubai stock index. —
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