Dubai index falls nearly 2 per cent on weak UPP results


Monday, May 11, 2015

Dubai: The Dubai index fell nearly 2 per cent on Monday led by losses in Union Properties and Arabtec. The Abu Dhabi index, however, rose.

The Dubai Financial Market General Index (DFMGI) ended 1.83 per cent lower at 4,071.58, after hitting a low of 4,058.38. “The reason for the fall is the disappointment due to Union Properties results and this led to continued profit taking across the property sector,” said Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi Securities. The index gained more than a per cent in the previous session.

“Markets didn’t breach the level of 4,150 on Sunday, so we could see further weakness on DFMGI,” Manibhandu said. “But any positive surprises on Aldar and Arabtec, whose results are scheduled on Tuesday, may negate any bad news from Greece.”

Gulf Finance House, which continued to top as the most active stock in terms of volumes, ended 4.27 per cent lower at Dh0.807.

Union Properties ended 9.70 per cent lower at Dh1.21, after the company recorded a fall in net profit to Dh28.1 million from Dh179.8 million in the year ago period.

Other construction majors like Emaar Properties and Arabtec, whose investors awaited for the results, also fell.

Emaar Properties, which has the highest weightage on the index, ended 1.38 per cent lower at Dh7.88, while Arabtec ended 4.78 per cent lower at Dh2.59.

Out of a total of 35 shares traded on the exchange, shares of 29 companies fell, while shares of other 3 companies rose.

Abu Dhabi Securities Exchange General Index ended 0.26 per cent higher at 4,587.62.

Eshraq Properties ended 3.33 per cent lower at Dh0.87, while Aldar Properties ended 2.2 per cent lower at Dh2.67 ahead of its results. Dana Gas ended 2.2 per cent lower at Dh0.44.

Out of a total 28 stocks traded on the exchange, shares of 10 companies rose, while shares of 15 companies fell.

In other markets, Saudi’s Tadawul All Share TASI index ended 1.31 per cent lower at 9,583.24, as crude continued to fall below the keenly-watched $65 per barrel mark.

Qatar Exchange Index ended 0.05 per cent lower at 12,279.17, while Kuwait Stock Exchange Index ended 0.09 per cent lower at 6,388.84.

By Siddesh Suresh ?Mayenkar Staff Reporter

Gulf News 2015. All rights reserved.

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