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Some tickets were relisted on resale sites for as much as Dh38,581
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UAE Shares Fall; DFM Down 2.76pc
DUBAI — UAE shares fell on Tuesday, dragged by property and banking stocks with anxious investors expecting poor fourth quarter company earnings.
The Dubai Financial Market Index lost 2.76 per cent to 1,708.53, weighed by property issues which slipped 4.86 per cent.
“All the negative news have been factored in, investors are now awaiting earnings reports and they expect it to be very bad. From all indications, the results will be anything but positive,” said Vyas Jayabhanu at Al Dhafra Financial Brokerage.
Listed companies are expected to start releasing fourth quarter results and guidance statements on January 15. Analysts expect results to reflect the impact of the worldwide credit crisis and the recession gripping global economies.
“The resilience we saw in the UAE markets over the last few days evaporated on the back of global sentiment on earnings,” said Matthew Wakeman, managing director of cash and equity linked trading at EFG-Hermes.
Adding to weak sentiment was a report by Colliers International which showed
The fourth quarter decline snapped strong price surges in the first three quarters that saw house prices jumping 64 per cent. Colliers said apartment prices in the last quarter fell 11 per cent, villas, 3 per cent, but townhouse prices rose 1 per cent.
Emaar Properties, the
Most
UAE’s largest construction firm Arabtec Holding slipped 8.91 per cent after HSBC cut the stock’s price target to Dh2.4 from Dh7.5. Arabtec shares have been declining since the recent cancellation of a $1.3 billion racecourse contract with Dubai’s Meydan LLC.
“The consensus on Arabtec appears to be shifting from a base case to a bear case scenario. Assumptions are changing in the market place since the Meydan project was cancelled as to what is considered a safe project — for which Arabtec will get paid fully — and what isn’t considered safe,”said Ali Khan, executive director of Arqaam Capital.
Among banks, Emirates NBD lost 4.01 per cent to Dh3.59, while the Dubai Islamic Bank edged down 3.03 per cent to Dh1.92. In
Top-ranked Aldar Properties gave up 2.59 per cent to Dh4.0.
rocel@khaleejtimes.com
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