DFM plunges almost 5pc
Dubai's main index, the Dubai Financial Market (DFM) slumped 4.94 per cent yesterday to 5,443.61, the biggest decline since November 5. 2006. This follows a six-day rally during which it had gained 12 per cent, and comes just a day after it rallied to its highest close since April 25 last year.
The Abu Dhabi Securities Market (ADSM) index also slid 2.7 per cent to 4,318.14, after five days of gains. Profit taking by foreign institutional investors has been cited as the main reason for the slides.
Quoted by Reuters, Mohammed Yasin, managing director of Shuua Capital said: "It's normal profit-taking across the board as the high volumes and the past few days have put pressure on the market."
And Hiba Azar, senior trader at Shaheen Financial Brokerage, commented to Bloomberg: "People are concerned about the huge gains made over the past few days and they are booking their profits now."
Among the most prominent losers on the DFM were Dubai Islamic Bank, whose shares dived 6.11 per cent to Dh10.75, and Emaar Properties, which slid 3.16 per cent to Dh13.75. Emaar is the Middle East's largest developer by market value.
The region's largest two providers of Islamic home finance, Tamweel and Amlak Finance, both saw their shares slide significantly. Tamweel lost 3.95 per cent closing at Dh6.80 while Amlak, whose biggest shareholder is Emaar Properties, dived 8.2 per cent to Dh4.59.
On the ADSM, Emirates Telecommunications, known as Etisalat, fell 4.3 per cent to Dh21. Sorouh Real Estate, one of the day's most heavily traded stocks, declined by 0.69 per cent to Dh6.27.
Abu Dhabi Commercial Bank lost 0.3 per cent to Dh7.3. The UAE-based bank is interested in taking a stake in Malaysia's RHB Islamic bank and has sought regulatory approval to start talks to buy 25 per cent of RHB Capital BHD, a Singapore newspaper has reported, without citing any sources. Source
The Abu Dhabi Securities Market (ADSM) index also slid 2.7 per cent to 4,318.14, after five days of gains. Profit taking by foreign institutional investors has been cited as the main reason for the slides.
Quoted by Reuters, Mohammed Yasin, managing director of Shuua Capital said: "It's normal profit-taking across the board as the high volumes and the past few days have put pressure on the market."
And Hiba Azar, senior trader at Shaheen Financial Brokerage, commented to Bloomberg: "People are concerned about the huge gains made over the past few days and they are booking their profits now."
Among the most prominent losers on the DFM were Dubai Islamic Bank, whose shares dived 6.11 per cent to Dh10.75, and Emaar Properties, which slid 3.16 per cent to Dh13.75. Emaar is the Middle East's largest developer by market value.
The region's largest two providers of Islamic home finance, Tamweel and Amlak Finance, both saw their shares slide significantly. Tamweel lost 3.95 per cent closing at Dh6.80 while Amlak, whose biggest shareholder is Emaar Properties, dived 8.2 per cent to Dh4.59.
On the ADSM, Emirates Telecommunications, known as Etisalat, fell 4.3 per cent to Dh21. Sorouh Real Estate, one of the day's most heavily traded stocks, declined by 0.69 per cent to Dh6.27.
Abu Dhabi Commercial Bank lost 0.3 per cent to Dh7.3. The UAE-based bank is interested in taking a stake in Malaysia's RHB Islamic bank and has sought regulatory approval to start talks to buy 25 per cent of RHB Capital BHD, a Singapore newspaper has reported, without citing any sources. Source
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