Dubai bourse drops 1.6pc ending four days of gains
The Dubai bourse yesterday ended four days of gains as it dropped 1.6 per cent to close at 5,866.91, with Aramex retreating the most in three weeks. Shares in Abu Dhabi lost 0.6 per cent at 4,787.39 points, also on concern that slower economic expansion in the US will hurt profit growth in emerging markets.
“Sentiment is being affected by the drop in international markets,” said Mohammed Al Yasin, managing director of Shuaa Securities, in a Bloomberg report. “Still, fundamentals in the region remain strong.”
Aramex, the biggest courier service in the Middle East, dropped 1.6 per cent to Dh3.13 on the Dubai Financial Market General Index. Its chief executive told a local paper of the Dh734.5-million ($200 million) budget for buyouts, and that Aramex is looking at acquiring companies in Asia and the US.
The largest real-estate developer in the Middle East and Africa, Emaar Properties, and Emirates NBD, the biggest bank in the Gulf region, were also big losers with a slump of 2.4 per cent each to Dh12.15 and Dh14.25 respectively.
Dubai Islamic Bank declined 1.2 per cent to Dh12.25. The bank’s subsidiary in Pakistan saw total assets under management grow 152 per cent to Dh1.2 billion (21 billion Pakistani rupees) in 2007. The “enormous expansion” of Dubai Islamic Bank Pakistan makes it one of the fastest growing banks in that country, according to a statement.
The country’s second-biggest publicly traded property developer, Aldar Properties, slipped 5.2 per cent to Dh11, its biggest one-day drop in weeks while UAE’s Finance House was the biggest loser on the Abu Dhabi Securities Market Index with a fall of 6.7 per cent to Dh9.52.
Aabar Energy, a UAE-based oil and gas explorer, gained 1.5 per cent to Dh4.62. It said in a statement yesterday that its Pearl Energy Ltd unit sold a 20 per cent stake in three Thai offshore concessions to Australia’s Horizon Oil Ltd. Source
“Sentiment is being affected by the drop in international markets,” said Mohammed Al Yasin, managing director of Shuaa Securities, in a Bloomberg report. “Still, fundamentals in the region remain strong.”
Aramex, the biggest courier service in the Middle East, dropped 1.6 per cent to Dh3.13 on the Dubai Financial Market General Index. Its chief executive told a local paper of the Dh734.5-million ($200 million) budget for buyouts, and that Aramex is looking at acquiring companies in Asia and the US.
The largest real-estate developer in the Middle East and Africa, Emaar Properties, and Emirates NBD, the biggest bank in the Gulf region, were also big losers with a slump of 2.4 per cent each to Dh12.15 and Dh14.25 respectively.
Dubai Islamic Bank declined 1.2 per cent to Dh12.25. The bank’s subsidiary in Pakistan saw total assets under management grow 152 per cent to Dh1.2 billion (21 billion Pakistani rupees) in 2007. The “enormous expansion” of Dubai Islamic Bank Pakistan makes it one of the fastest growing banks in that country, according to a statement.
The country’s second-biggest publicly traded property developer, Aldar Properties, slipped 5.2 per cent to Dh11, its biggest one-day drop in weeks while UAE’s Finance House was the biggest loser on the Abu Dhabi Securities Market Index with a fall of 6.7 per cent to Dh9.52.
Aabar Energy, a UAE-based oil and gas explorer, gained 1.5 per cent to Dh4.62. It said in a statement yesterday that its Pearl Energy Ltd unit sold a 20 per cent stake in three Thai offshore concessions to Australia’s Horizon Oil Ltd. Source
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