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UAE Shares Skid on Global Cues
DUBAI - UAE shares tripped on Thursday as investors, already anxious about earnings prospects cashed out amid the selloff in overseas markets.
Property and banks weighed on the Dubai Financial Market Index, slipping 3.22 per cent to 1,643.65. The index lost 4.93 per cent from the previous week.
The Abu Dhabi Securities Exchange Index fell 2.84 per cent to 2,385.35, losing 5.6 per cent from last week.
Investors tracked selloffs in markets across the globe with a barrage of discouraging economic news heightening fears of a prolonged recession.
“The problem is less about a rush to the exits, but rather a lack of buyers,” as both bourses reacted to losses in the region, Asia and the US, said Robert McKinnon, managing director of equity research at Al Mal Capital.
Japan paced declines in Asia after it reported a record drop in machinery orders in November, while Wall Street slumped on more dour news about the banking sector.
Dubai index heavyweight and the region’s biggest property company Emaar Properties, dragged the property sector into shedding 6.54 per cent. Emaar shares dropped 7.26 per cent to Dh2.17.
Arabtec Holding, the country’s largest construction company which is building the world’s tallest tower in Dubai, skidded 9.63 per cent to Dh1.50.
Banks lost 2.39 per cent with the Commercial Bank of Dubai ending 4.87 per cent lower to Dh3.90.
“Stocks are having a bad period. Most companies are in the process of trimming their budgets and many feel that this will not be enough. There are bleak earnings prospects keeping investors out of the market,” said Vyas Jayabhanu of Al Dhafra Financial Brokerage.
In Abu Dhabi, property issues plunged 9.2 per cent, paced by sector leader Aldar Properties which dipped 9.69 per cent to Dh3.44. Second-ranked Sorouh Real Estate slipped 9.57 per cent to Dh2.93.
Banking issues also tanked on concerns about earnings and on Moody’s Investors Service’s negative outlook on banks.
Moody’s said on Wednesday banks in the UAE face growing pressures in their operating environment, especially with many of them with heavy exposures in the falling Dubai property market — putting at risks future earnings prospects.
Abu Dhabi Commercial Bank tumbled 7.61 per cent to Dh1.82, National Bank of Abu Dhabi fell 7.61 per cent to Dh8.50, while Abu Dhabi Islamic Bank fell 6.08 per cent to Dh2.70.
“We can expect investors to remain cautious even as expectations of lower earnings have already been priced into the market,” said Sherif Abdul Khalek, of Beltone Financial Securities.
· rocel@khaleejtimes.com
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