Ryan Routh was arrested on September 15 after Secret Service agents spotted him with a gun near the course where Trump was playing
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Deep dives in the real estate sector sent Dubai’s benchmark index to end down 5.46 per cent to 1,462.11, its worst finish since June 13, 2004 when it closed at 1,458.7. Abu Dhabi’s gauge tumbled 5.06 per cent to 2,163.08, its feeblest close since July 13, 2004 when it ended at 2,166.05.
Dubai index heavyweight Emaar, plunged 9.75 per cent to Dh1.85, extending its losses to 18.9 per cent in three days. Union Properties fell 8.06 per cent to Dh1.14. Abu Dhabi-based Aldar Properties slipped 9.62 per cent to Dh2.62 while Sorouh Real Estate declined 9.54 per cent to Dh2.49.
HSBC Holdings Plc, citing that Dubai agreed property prices in December took a steep fall of 23 per cent from its September peak, cut its price target for Emaar to Dh8.5 from Dh13.9.
The markets are under pressure as uncertainty prevails on the future of the real estate sector in the UAE, said Rami Sidani, head of investments-MENA at Schroders Investment Management.
“Dubai might suffer a net outflow of expatriates in the short run, due to businesses contracting and people losing their jobs. This will have a severe impact on the housing markets and increases the probability of an oversupply in the short term.” Arabtec Holding, the country’s biggest construction firm bled from a raft of negative news in the property sector, including setbacks in the company’s projects -- losing 9.52 per cent to Dh1.14 and accumulated losses of nearly 30 percent in three straight sessions. Deyaar Development, shed more than 8 percent in mid-trading but clawed back in late session to trim its losses to 4.16 percent to Dh0.46.
Deyaar chief executive Markus Giebel was quoted by reporters as saying the company put many of its projects on hold due to the global financial meltdown.“Investors feel that companies in general are facing an acute liquidity crunch and feel that the impact of this will be seen by the second quarter,” said Vyas Jayabhanu of Al Dhafra Financial Brokerage. Until the global credit crunch squeezed liquidity in September, the Dubai property sector has seen an unprecedented surge in the last five years on strong demand from the deluge of expatriates in the emirate.
“We need to see earnings from the large cap UAE companies as soon as possible as the uncertainty we are seeing is more damaging than the reality,” said Matthew Wakeman, managing director of cash and equity linked trading at EFG-Hermes.Banks in both bourses also helped in breaching the indexes’ support levels.
Dubai-listed Emirates NBD, the country’s largest bank fell 4.95 per cent to Dh3.26. The Dubai Islamic Bank dropped 9.03 per cent to Dh1.51.
In Abu Dhabi, the National Bank of Ras Al-Kaimah edged down nearly 10 percent to Dh4.05. The Abu Dhabi Commercial Bank lost 8.75 per cent to Dh1.44, while the Abu Dhabi Islamic Bank shed 6.98 per cent to Dh2.49.“Local banks are expected to suffer a deterioration in their assets’ quality with the economy slowing down and the increased phenomenon of “skip cases” or expatriates fleeing the country,” said Sidani.
Pessimism will continue to prevail unless new support levels will hold, said Sherif Abdul Khalek, institutional accounts manager at Beltone Financial Securities. “The market is trying to find a bottom but with the worsening global economic situation, there may be a long consolidation period. It looks like the market will see more losses,” said Khalek.
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