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Dubai Stock Market Fails to Sustain Key Barrier as Arabtec Holding and DFM Equities Drop
DUBAI — Dubai stocks fell to their lowest in almost a week on investor speculation that earnings at Arabtec Holding Company and Dubai Financial Market may disappoint the investors.
Dubai Financial Market’s General index, or DFMGI, ended lower for the first session in four after failing to hold above a key resistance level, with traders looking to technical analysis in the absence of fundamental news.
Arabtec, the biggest construction company in the UAE, lost the most in a week as its profits dropped 48 per cent to Dh494.9 million. Arabtec dropped 2.3 per cent to Dh2.1.
Dubai Financial Market, the only Gulf Arab stock market to sell shares to the public, also declined for a second day. Its shares fell 0.69 per cent to Dh1.43 despite posting full-year profit of Dh346.6 million in 2009.
Arabtec and DFM both disclosed their results after the trading hours of market.
Dubai’s DFM General Index retreated for the first time in four days, dropping 0.53 per cent, or 8.43 points, to 1,588.36 points, the lowest close since February 25. The index broke the 1,600-point key barrier, but then failed to sustain in the final session as investors’ concern on Dubai World kept pulled the market down.
Out of 30 stocks traded yesterday, only seven posted gains, while four remain unchanged and 19 declined as 99.78 million shares worth Dh160.59 million traded on DFM.
“Investors expected Arabtec and DFM numbers to come out,” said Ahmed Hamdi, senior relationship manager at Prime Emirates LLC.
“They were not very optimistic about the results, so some selling pressure appeared in the market.”
Arabtec missed the average estimate of 16 analysts surveyed by Bloomberg. “People are waiting for Dubai World’s announcement,” said Ahmed Hamdi, Senior relationship manager at Prime Emirates.
In November, Dubai World asked for a standstill as it tries to restructure multi-billion dollar debts, with an announcement expected in March.
Emirates Telecommunications Corporation, or Etisalat, helps Abu Dhabi Securities Exchange’s benchmark index closed flat after the heavyweight climbed 0.8 per cent. The stock is up 7.6 per cent since February 14 as investors buy ahead of its proposed half-year 60 per cent cash dividend.
The index edged up 0.01 per cent to 2,724.75 points, a week high.
Abu Dhabi Ship Building gained 4.62 per cent to Dh3.22. In banking sector, Abu Dhabi Islamic Bank and Abu Dhabi Commercial Bank advanced 2.52 per cent and 2.41 per cent, respectively.
On negative sides, Finance House shares plunged 9.95 per cent to Dh7.33 while Union Cement Company declined 9.55 per cent to Dh1.61.
In terms of value, Aldar Properties remained a most active share on ADX as its Dh21.53 million shares changed hands in thin trade.
In terms of volume, Dana Gas remained on top as its 14.37 million shares were traded on the exchange.
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