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UAE shares drop on possible US recession
DUBAI - UAE stocks dropped at the opening of weekly trading yesterday on concern that a possible US recession would adversely affect profit growth in emerging markets, including the Gulf region.
Shares in Dubai lost 80.46 points or 1.4 per cent to close at 5,752.02, with Emaar Properties declining the most in a week, while Abu Dhabi's general benchmark slumped 0.8 per cent at 4,813.55 points. Etisalat had its biggest one-day drop since February 18.
Emaar, the biggest publicly traded real-estate developer in the Middle and Africa, slipped 2.1 per cent to Dh11.80 from an opening price of Dh12 while Oman Insurance Co was the biggest loser on the Dubai Financial Market General Index with a slide of five per cent to Dh9.79.
"We're in correlation with the global markets," said Nadim Abou Jalad, trader at Naeem Shares and Bonds, in a Bloomberg report.
The report said that US stocks slumped to the lowest prices since 2006 because of massive home foreclosures and a drop in payrolls. These heightened concern that the US economy is in a recession.
Today Emaar will open the sale of a limited collection of premium commercial space in Burj Dubai Square and Boulevard Plaza within Downtown Burj Dubai and in Marina Plaza at Dubai Marina, the developer said in a statement.
Dubai Islamic Bank, which offers Shariah-compliant financing to investors in the Dh2-billion MAG Group Property Development portfolio, declined 1.2 per cent to Dh11.95. The projects involved include the MAG 226 in Jumeirah Village, MAG 228B in Phase 3 of the International City and MAG 218 in Dubai Marina, the bank said in a statement.
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