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Shares drop on poor prospects for growth
DUBAI — Analysts on Monday noted higher stock prices against prospects for earnings growth, prompting losses in UAE shares. The Dubai Financial Market (DFM) General Index slipped 0.3 per cent to close at 5,394.01 and the Abu Dhabi Securities Exchange (ADX) General Index slumped 0.6 per cent at 4,924.74 points.
Shuaa Capital, a Dubai-based investment bank covering the Gulf region, was the biggest loser on DFM with a fall of 7.8 per cent to Dh6.50 while the country's biggest mortgage lender, Tamweel, decreased 3.7 per cent to Dh7.35 and Islamic Arab Insurance lost 1.8 per cent to Dh2.77.
Shares value in Dubai reached Dh861.3 million compared with the 50-day average of Dh1.09 billion based on Bloomberg data while about 88.2 million shares traded on ADX valued at almost Dh552 million compared with the 50-day average of Dh1.33 billion. ADX traded at an average of 15 times estimated earnings.
"Prices have been a bit exaggerated as valuations are surpassing growth," said Amro Motasim, the head of broker at Al Ahli Bank of Qatar, in a Bloomberg report. Referring to the declines in the wider Gulf markets, he added: "Investors are becoming more measured and selective about stocks to keep valuations realistic."
The Kuwait Stock Exchange Index and Saudi Arabia's Tadawul All Share Index also suffered losses yesterday.
National Bank of Fujairah trailed all other ADX-listed companies with a drop of 10 per cent to Dh5.67 while First Gulf Bank, the Abu Dhabi's second-largest lender by market value and which is controlled by the emirate's ruling family, plummeted 1.3 per cent to Dh27.20.
Depa Ltd, an interior contracting services firm, retreated three per cent to $1.30 on the Dubai International Financial Exchange while the world's fourth-largest marine terminal operator, Dubai-based DP World, lost 2.6 per cent to $0.75.
DIFX officials said companies could be allowed to list in dirham on the exchange, which aims to gain more liquidity. Listing the share price in dollars would make investors, which have existing accounts with the local brokers, jittery about the fluctuating value of the dollar against the other major currencies.
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