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Real estate sector extends losing streak
DUBAI - The real estate sector on Tuesday continued its losing streak in the UAE markets. Analysts say markets may recover in two days before continuing the downward trend again as Ramadan nears.
In Dubai trading the main index retreated two per cent, or 99.85 points, to close at 4,943.89, extending its drop to more than 21 per cent since January or over the 20 per cent common definition of a bear market.
The bourse's real estate sector lost 2.8 per cent, or 292.54 points, with bellwether Emaar Properties again closing below the Dh10-level. The utilities and investment sectors were also in the red with a slump of 180.29 points and 70.53 points respectively.
In Abu Dhabi the banking sector was the hardest hit, plummeting 219.44 points or 3.6 per cent to close at 5,912.05 while the construction sector had a slide of 3.1 per cent at 6,230.90 on continued uncertainties in the property market. The main index slipped 1.8 per cent at 4,392.55 points.
'I'm not really advising this but people may keep away from the market and wait for a couple of days for it to rebound a bit,' said Hiba Azar, a senior broker at Shaheen Financial Brokers. She added that the markets would head southwards again approaching the end of the month as trading is low before Ramadan.
Investors have uncertainties about the property market in Dubai following reports that construction boom could end by 2010 as more projects will be delivered starting next year and the UAE Central Bank plans to tighten rules on lending to help bring down inflation. Dubai's premier industry watchdog, the Real Estate Regulatory Agency (RERA), also plans to implement measures to curb the increasing number of short-term investors on off-plan projects.
Emaar, the biggest publicly listed real estate developer in the Middle East and Africa, slipped over three per cent to a 40-month low of Dh9.60, a price level that could translate to more weakness. The builder of the world's tallest tower Burj Dubai, Arabtec Holding fell 2.2 per cent to Dh15.30, one of its lowest declines since April.
Dubai Islamic Bank, lost for a seventh with a drop of 1.4 per cent to Dh7.49. National Bank of Abu Dhabi, the country's second-biggest bank by assets, plunged five per cent to Dh18.10 on the Abu Dhabi Securities Market General Index while First Gulf Bank retreated 4.3 per cent to Dh19.95.|
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