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The two leaders reviewed various aspects of the longstanding bilateral ties, particularly in the fields of trade and investment
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Property and Banking Shares Drag UAE Stocks to New Four-year Low
DUBAI - Property and banking shares dragged UAE stocks to a new four-year low on Monday with investors still fretting over dire economic prospects in 2009.
The Dubai Financial Market Index fell 3.91 per cent to 1,732.20, piling up its two-day losses to nearly 10 per cent and sinking the index to a fresh low in four years when it closed at 1,732.40 on
“The markets are experiencing a fresh round of selling in the absence of short-term positive catalysts which can justify holding on to their positions” said Ali Khan, executive director of Arqaam Capital.
Investors have on their minds the economic outlook for next year in UAE and the Gulf countries in general, said P.Krishnamurthy,CEO of Al Rostamani International Exchange, Al Rostamani Capital and Dubai International Securities.
Economists have predicted that the global economic meltdown and slumping oil prices will ease economic activity for at least two years, curbing the unprecedented expansion in the last six years of oil-rich
“Unfortunately, the wave of negative news is doing a lot of damage to investor confidence,” said Krishnamurthy.
Emaar pared losses in late trade to finish 4.94 per cent lower at Dh2.50.
Union Properties shares slipped 8.42 per cent to Dh0.87 after the company said it was seeking regulatory approval to issue Dh2.5 billion worth of convertible bonds to strategic investors.
“It is very encouraging to see a
Arabtec Holdings, the country’s largest construction company plunged 10 per cent to Dh4.23.
The UAE’s biggest investment bank Shuaa Capital PJSC dropped to a five-year low, losing 9.64 per cent to Dh1.03.
Shuaa is seeking shareholder approval of its plan to extend the maturity of convertible bonds worth Dh1.5 billion it issued to Dubai Banking Group by one year to
The Dubai Islamic Bank tumbled 8.53 per cent to Dh1.93, while Emirates NBD lost 4.87 per cent to Dh3.17.
In
The First Gulf Bank declined 9.25 per cent to Dh8.50 while the Sharjah Islamic Bank fell 8.87 per cent to Dh 1.12.
Aldar Properties lost 8.08 per cent to Dh4.14, while Sorouh Real Estate shed2.37 per cent to Dh2.95.
“Investors are circling along liquidity concerns, waiting to see if things will improve in the first quarter, if the shortage in liquidity will be resolved and lending will resume,” said Krishnamurthy.
rocel@khaleejtimes.com
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