[2008-03-04]  UAE stocks fall for second day
UAE stocks declined for a second day yesterday on continued concern that the economic slowdown in the US would adversely affect the emerging markets. Shares in Dubai fell 1.5 per cent at 5,777.84 points while those in Abu Dhabi dropped 0.4 per cent to close at 4,769.68, bringing its four-day loss to 1.5 per cent.

“Local investors have started correlating the markets here with what global markets are doing,” said Jalal Faruki, senior institutional sales associate at Al-Mal Securities in Dubai, in a Bloomberg report. “The company growth stories are mostly positive.”

Emaar Properties, the biggest publicly traded real-estate developer in the Middle East and Africa, slumped 2.1 per cent to Dh11.90 from an opening price of Dh12.05, its biggest drop in almost two weeks.

Dubai Financial Market Co, the only publicly traded stock exchange in the Middle East, and Dubai Islamic Bank were also big losers with a slide of 3.4 per cent to Dh5.92 and 2.4 per cent to Dh11.95 respectively.

Dubai-based and government-backed DP World, the world’s fourth-largest marine terminal operator, slumped 5.6 per cent to $0.85 on the Dubai International Financial Exchange.

The Dubai Financial Market (DFM) General Index posted shares value amounting to Dh1.4 billion while that on the Abu Dhabi Securities Market (ADSM) Index reached Dh788.7 million.

Abu Dhabi Aviation Co was the biggest loser on ADSM while First Gulf Bank, an Abu Dhabi-based lender, declined 1.6 per cent to Dh22.15, its biggest drop since February 18. Commercial Bank International also slipped 1.6 per cent to Dh3.15.

Sorouh Real Estate Co lost for a third day. Shares in the property developer controlled by the Abu Dhabi government dropped 1.1 per cent Dh9.94, bringing its three-day decline to 4.9 per cent.



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