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Dubai shares retreat; ADX extends gains
DUBAI - Dubai shares retreated on Thursday on speculation that real-estate developers may implement more measures to ward off short-term investors, with Deyaar Development leading declines in property stocks.
The Dubai Financial Market (DFM) General Index lost 0.3 per cent to close at 4,789.81 while the Abu Dhabi Securities Market (ADX) General Index extended gains, climbing 1.3 per cent at 4,416.08 points.
Dubai-based Deyaar, whose former chief executive officer resigned after being investigated for having allegedly embezzled from the company, fell 1.6 per cent to Dh1.85, losing 11 per cent so far this month.
Union Properties, the Dubai-based real-estate developer that's building F1-themed parks, plunged over one per cent to Dh3.89 while the biggest developer in the Middle East, Emaar Properties, decreased 0.8 per cent to Dh9.43.
DFM's real-estate sector dropped 0.6 per cent, or 60.83 points, to close at 9.632.04, bringing this month's declines to 14 per cent. The same sector has tumbled 21 per cent on ADX this month.
"The lack of any positive catalyst, with the summer holidays and Ramadan, is leaving the markets vulnerable," said Ali Khan, the head of equity trading at Dubai-based Arqaam Capital Ltd, in a Bloomberg report. He was referring to the Gulf Arab stock markets, most of which dropped on Thursday.
"Worries about rumours of possible investigations, concerns about a re-rating downwards on the property sector, or possible additional measures from property developers to curb excessive speculation will continue to pressure the stocks," he added. Trading volumes are low towards the Muslim religious observance of Ramadan, which for this year starts on September 1. Also, master developers in Dubai have stopped guaranteeing residence visas to investors. FGB, the Abu Dhabi's second-largest lender by market value, was among the biggest gainers on ADX with a rise of 3.9 per cent to Dh23.
jose@khaleejtimes.com
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