Dubai shares slip 2.9pc; investors await Q1 results

DUBAI — Shares in Dubai tumbled 2.9 per cent yesterday to close at 5,248.88 while those in Abu Dhabi lost 1.3 per cent at 4,602.56 points, as investors await listed companies to report their first-quarter earnings.

By A Staff Reporter

Published: Mon 31 Mar 2008, 11:12 PM

Last updated: Sun 5 Apr 2015, 1:26 PM

Dubai Investments, which owns stakes in at least 44 companies, lost for a fifth day as it started a joint venture while Sorouh Real Estate Co had its lowest close in two months after founding members were cleared to sell their shares in the company.

The markets also fell on concern that a possible recession in the US would deter investments in the UAE and the whole Middle East. "We are not seeing a lot of fresh capital being injected into the market," said Blair Look, head of asset management at Al Mal Securities, in a Bloomberg report. "Earnings might be the next catalyst."

US stocks fell for the fourth time in five weeks while consumer spending rose at the slowest pace in more than a year last month. Dubai Investments declined 3.7 per cent to Dh5 on the Dubai Financial Market General Index. The company, which will set up a Dh130-million ($35.4 million) plant with France's Gaussin SA, brought its five-day slump to 11 per cent.

DFM Co, the only publicly traded stock exchange in the Middle East, slipped 6.6 per cent to Dh4.92 while the region's biggest courier company, Aramex, slid 3.6 per cent to Dh2.70 and UAE's Air Arabia slumped 2.7 per cent to Dh1.81.

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