Oct 25 2005 |
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Dubai shares slide on profit booking
DubaiTuesday, October 25, 2005Dubai shares dropped three quarters of a per cent in heavy trade yesterday as investors booked profit while transport solutions company Arab International Logistics fell four per cent after denying reports of any new deal.
Abu Dhabi stocks slid over one per cent with losses across the board.
The Dubai Financial Market (DFM) index of 28 listed companies fell 0.73 per cent to 1,186.67 points, just 1.47 per cent off a September 18 record of 1,204.34.
Trading was robust with turnover jumping to Dh3.15 billion from Dh2.42 billion the previous day.
Analysts expect the market to rise over the next few weeks helped by robust third quarter company results and liquidity to be helped by refunds from a heavily oversubscribed IPO earlier this month.
Nearly 140 million Arab Logistics shares worth Dh930.9 million were traded. The stock had run up in the last few days on hopes of a deal.
Other losers included Arab Technical Construction Co, which fell 3.81 per cent to Dh7.58 and Kuwait's International Financial Advisors, which dropped 2.23 per cent to Dh24.15.
Investment bank Shuaa Capital shed 1.23 per cent at Dh12.05 after announcing a 221 per cent rise in first half net profit to Dh235.5 million.
Market heavyweight Emaar Properties shed 0.56 per cent to Dh26.85 after announcing a Dh1.2 billion plan with Morocco's ONA Group to build residential and golfing development projects through Morocco.
Home finance company, Amlak, was the biggest gainer in Dubai, rising 5.79 per cent to Dh13.70 while Oman Insurance Co rose 2.47 per cent to Dh74.80.
Islamic Arab Insurance Co rose 3.11 per cent to Dh7.95 after it told the Dubai Financial Market it had received approval of the Saudi Arabian Monetary Authority to set up a joint stock company in that country.
In Abu Dhabi, there were few big gainers, although National Bank of Umm Al Qaiwain rose 1.13 per cent to Dh8.09.
Phone company Emirates Telecoms was one of the biggest losers, dropping 3.69 per cent to Dh28.70, United Arab Bank shed 3.36 per cent to Dh11.50 and Emirates Foodstuff and Mineral Water Co fell 2.86 per cent to Dh3.73.
UAE's combined share index, which includes 73 companies listed in Dubai and Abu Dhabi, is up 121.65 per cent since the beginning of this year helped by robust growth in corporate profits and flush liquidity.
The index trade at a price-earnings multiple of 27.98, based on earnings of the trailing four quarters.
©Gulf News
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