Emaar down 3% to Dh2.56; Takaful House plunges 9.75%
The benchmark Dubai Financial Market (DFM) general index slid 20.27 points, or 1.44 per cent, to close at 1,387.31 today (Tuesday), the first time the index has slipped below the key support level of 1,400 in seven months.
Meanwhile, despite a positive start, the Abu Dhabi Exchange (ADX) slipped into negative territory and declined 22.03 points, or 0.87 per cent, to close at 2,496.99, its lowest close since September 2, 2010.
On the Dubai bourse, 22 of the 26 shares traded today declined, with finance and real estate stocks leading the decline. Market benchmark and today's trading topper Emaar Properties was down 3.03 per cent to Dh2.56 per share, but still Dh0.21 ahead of its 52-week low of Dh2.35 made in March this year.
Takaful House (DarTakaful) was the top loser, down 9.75 per cent to Dh0.62, followed by Hits Telecom, down 6 per cent, Gulf Finance House (-5.11 per cent), and Islamic Arab Insurance Company (Salama), down 4.72 per cent.
The DFM index closed below the 1,400 levels on just four occasions in the past - all in the month of March this year, when it made its lifetime low of 1,352.24 on March 3, 2011. The index made its lifetime high of 6,291.87 on January 15, 2008, and is down almost 78 per cent since then.
On the ADX, 22 of the 27 shares traded today were in negative territory, three advanced while two were unchanged. The decline on the ADX was led by insurance and real estate companies, with Green Crescent Insurance Company (GCIC), down 7.69 per cent, leading the losers, followed by the newly listed Eshraq Properties Company , which fell 5.26 per cent, Bank of Sharjah (down 4.37 per cent) and Sorouh Properties (down 3.77 per cent).
© Emirates 24|7 2011
