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Correction fears hit UAE indices hard
DUBAI — The UAE market suffered across-the-board losses yesterday as the nervous investors preferred to liquidate their previous week's positions.
Leading market indices plunged further as some of the institutional investors continued to unwind their positions on some of the pivotal counters.
The market benchmark NBAD General Index closed 835 points down at 14,519 points yesterday. The index fell by 14 per cent in one week from 16,650 points at the end of April. The overall market turnover was down by more than 6 per cent from Thursday at Dh1.65 billion.
The pivotals including property stocks — Emaar, Union Properties, Etisalat and the leading banking scrips National Bank of Abu Dhabi, Dubai Islamic Bank and National Bank of Dubai shed by an average of 4 to 6 per cent yesterday. Reflecting the market trend, the services sector subindex slipped by 1,609 points while the banking sector subindex fell by 482 points.
The market traded over 80 million shares worth over Dh1.65 billion. The Dubai Financial Market traded 71 million shares worth Dh1.30 billion. The Emaar scrip fell by 6 per cent to close Dh1.50 down at Dh24.80. The Emaar counter traded over 30 million shares worth 715 million. Tabreed fell sharply by 10.4 per cent to close Dh3.85 down at Dh33.15. While the Arabtec scrip fell by 8 per cent, Shuaa and Amlak were hammered down by 4 per cent and 5.75 per cent respectively.
Although many analysts had warned of a correction owing to over valuation of some of the leading scrips, market operators believe that a host for factors including upward revision of interest rates and the news of a new telecom sector has played a major role in shaping the market sentiments yesterday. While the interest rate revision hit the bank shares, the news of a new telecom company seem to have hammered the Etisalat scrip.
On DFM, the banking sector traded a small volume of over 248 shares. The Dubai Islamic Bank closed Dh7.60 down at Dh127.25 while the Emirates Bank share slipped Dh2 to close at Dh58.50. On ADSM too, bank shares fell sharply. While the NBAD scrip closed Dh2.25 down at Dh43.25, the Abu Dhabi Commercial fell 6 per cent to close at Dh13.8 down at Dh237.50. The Union National Bank and Abu Dhabi Islamic Bank scrips also fell by Dh1.10 and Dh1.95, respectively.
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