DFM slides 2.7pc to close at new lows

The Dubai Financial Market (DFM) General Index, the Dubai's main stock index dropped by 2.7 per cent yesterday to 3,675.93, the lowest since April 5, 2005. It also saw its steepest drop since December 2006. Seventeen stocks declined, three advanced and one remained unchanged.
Emaar Properties, one of the world's largest property companies and the largest listed company in the Middle East, led the decline falling 2.75 per cent to Dh10.60. Emaar has fallen for five consecutive days, or about 10 per cent over that period.
The market remains uncertain about the benefits of the land for equity deal struck with Dubai Holding and its lack of transparency, particularly matters such as the method of valuation, the size and location of the land. "There is still confusion about the Dubai Holding deal," said one analyst quoted by Bloomberg.
The Banks Index was down 3.6 per cent with Dubai Islamic Bank leading the decline, losing 5.9 per cent off its share price, to Dh6.10. Emirates Bank International, which will soon with National Bank of Dubai, was down 2.2 per cent to Dh10.95.
Shuaa Capital, the lead manager, financial adviser and bookrunner for the Dh2.6 billion Air Arabia IPO, were down 4.75 per cent. Amlak Finance, the UAE's largest publicly held Islamic finance company and 45 per cent owned by Emaar, dropped 3.1 per cent to Dh3.08. du, the UAE's second telecom operator, closed down 1.8 per cent to Dh4.98. The Abu Dhabi Securities Market (ADSM) Index declined 1.8 per cent to 2934.24, its lowest close this year. The Banks and Financial Services Index saw the biggest drop, declining by 3.2 per cent. The National Bank of Abu Dhabi was down 8.5 per cent to Dh17.10 and traded without its dividend. RAK Bank also closed down 9.9 per cent to Dh6.31. The Energy Index slumped 3.2 per cent as Dana Gas fell 2.9 per cent to Dh1.35 and Aabar Petroleum slid 4.3 per cent to Dh2.21. Etisalat, the largest telecom operator in the UAE closed 0.6 per cent lower at Dh16.80. Source