[2008-06-16]  AE shares fall, led by Emirates NBD, Etisalat Discuss
United Arab Emirates shares fell, led by Emirates NBD PJSC, the countrys biggest bank, and Emirates Telecommunications Corp., the largest phone company.

The Dubai Financial Market General Index fell 0.5 per cent to 5,632.27, its fourth straight day of losses. The Abu Dhabi Securities Exchange General Index fell 0.2 per cent to 5,109.72. Emirates NBD fell 2.1 per cent to Dh11.75 while Emirates Telecoms declined 1.7 per cent to DH20.25.

Aldar Properties PJSC, Abu Dhabis biggest property developer, and Sorouh Real Estate Co. rose after investment bank EFG-Hermes Holding SAE rated the stocks a buy.

"Things are quiet, the market has been range-bound in the UAE for a while and that is boring for foreign money,"

Hassan Choukri, general manager at Al Futtaim HC Securities, said in a phone interview from Dubai yesterday. "Aldar and Sorouh are up because of the EFG-Hermes report, he added. Aldar rose 2.9 per cent to Dh12.65 after EFG-Hermes estimated its long-term fair value at Dh44.9 dirhams. Sorouh, the emirates second-biggest developer, added 0.8 per cent to Dh9.65. EFG-Hermes estimated its fair value at Dh22.10.
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