Make MENAFN My Home Page
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE equities fall on official warning  Join our daily free Newsletter

MENAFN - Khaleej Times - 09/06/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) The dubai financial market (dfm) benchmark general index dropped by 2.

the dubai financial market general index fell 2.5 per cent to 4972 points on sunday. — kt file photo

uae stocks on sunday recorded bearish activity led by property stocks on the uae central bank warning on the country’s property market.

the dubai financial market (dfm) benchmark general index dropped by 2.5 per cent to 4972 points. all property stocks at the dubai bourse closed in negative territory led by the biggest listed building contractor arabtec holding which tumbled by 6.7 per cent followed by drake & scull five per cent down deyaar development dropped by 2.96 per cent union properties fell by 2.54 per cent and property giant emaar properties lost nearly two per cent. emaar share price recorded more than 40 per cent appreciation in 2014.

in abu dhabi the adx benchmark index also declined by 1.14 per cent to 4997.86 points led by property stocks. aldar properties trading volume leader of the day decreased by 2.55 per cent with 197 million shares transactions. eshraq properti second in terms of trading volume also tumbled by 3.33 per cent.

the detailed central bank report said that average rental yields in abu dhabi and dubai had fallen below historical averages as property prices rose indicating that the market may be overheating.

“the central bank report could be a catalyst for profit taking but the main driver is that valuations are on the generous side and fundamentals need to catch up. “as a result the market is susceptible to short term volatility or negative news” yaser abushaban executive director of asset management at emirates investment bank told bloomberg.

at dfm real estate index dropped by 3.38 per cent or 439 points. the dubai bourse recorded total 10302 trades. its trading volume touched nearly 540 million shares worth dh1.58 billion. arabtec was volume leader with 121 million shares transactions followed by union properties 90 million shares and drake & scull 70 million shares.

while adx real estate index fell by 2.6 per cent. total trades crossed 2810 mark. trading volume of 144 million recorded valuing dh412 million.


 
 


Khaleej Times




Loading, Please wait....


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help