[2008-04-10]  Dubai shares fall
Dubai shares continued to fall yesterday as investors were deterred by fears of a prolonged economic slowdown in global economies and the declines in regional markets. Shares in Abu Dhabi rose, however.

The Dubai measure dropped 0.1 per cent to close at 5,431.87 while Abu Dhabis main index added 0.9 per cent at 4,804.18 points, with Emirates Telecommunications Corp (Etisalat) and National Bank of Abu Dhabi (NBAD) among the gainers.

The UAE-based provider of real-estate finance, Tamweel, was the biggest loser on the Dubai Financial Market General Index. It fell 4.1 per cent to Dh7.21 while Emirates NBD, the largest banking group in the Gulf region by assets, and Shariah-compliant home financier Amlak Finance dropped 0.9 per cent each to Dh10.90 and Dh4.50, respectively.

Tamweel approved this week the issue of Dh5.1 billion worth of convertible and non-convertible bonds, including the non-convertible bonds that it issued previously. It said the funds would be used for expansion in the UAE and overseas.

"Global markets are not encouraging investors here to plunge in just yet," said Mohamed Dwaikat, a senior broker at Abu Dhabi-based Al Fajer Securities, in a Bloomberg report. "There are fears right now which positive earnings may reverse." He was referring to the wider Gulf markets, most of which dropped yesterday.

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