They stressed the importance of preventing a wider escalation of the conflict, which threatens to further endanger peace and stability in the region
americas6 hours ago
The Dubai Financial Market Index ended 1.1 per cent or 19.30 points lower to 1,743.90, pulled down by losses in the property sector. The index jumped 7.7 percent on Monday, the first trading of the year, its best finish in more than seven weeks.
“
Arabtec Holding, the country’s largest construction company which is building the world’s tallest tower in
Dubai-based Meydan LLC last year commissioned a 50-50 joint venture between Malaysian construction company WCT Engineering Berhad and Arabtec to build the racetrack. Meydan reportedly scrapped the contract because of “non-adherence” to the agreed time schedule for the construction.
Arabtec confirmed the contract’s cancellation effective
“What has been overlooked here is that Arabtec in the last five trading sessions actually gained 60 per cent. So that bit of a bad news breaking out was taken as an excuse to take some money off the table,” said Ali Khan, executive director of Arqaam Capital.
The Arabtec setback also revived worries about the faltering
“A big factor is that the real estate sector is closely tied to the banking system. Investors want to see the sustainability of ongoing projects.”
A pullback in property companies led by index heavyweight Emaar Properties also weighed on the index. The
Deyaar Development resumed its slide after jumping 14 per cent Monday, shedding 3.5 per cent to Dh0.55. Union Properties edged down 3.6 per cent to Dh0.79.
“The financial stability of
Real estate stocks led gainers, paced by Sorouh Real Estate, UAE’s third biggest property company by market value rose for six consecutive trading sessions to end up 6.4 per cent to Dh3.71.
Abu Dhabi National Hotels jumped 10 per cent to Dh3.65. The next few trading sessions may see some more corrections in the run-up to the start of the earnings season, said Wakeman.
· rocel@khaleejtimes.ae
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