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MENAFN - Khaleej Times - 04/07/2008

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(MENAFN - Khaleej Times) Shares in Dubai dropped for a second day yesterday and those in Abu Dhabi ended a three-day rally due to dampened investor sentiment following declines in global markets. Aabar Petroleum Investments Co, meanwhile, advanced as it received a proposal from an unidentified Abu Dhabi-based investor.

The benchmark stock index of the Dubai Financial Market (DFM) lost 0.4 per cent to close at 5,508.82, with traded shares of 526.4 million valued at Dh2.2 billion. The Abu Dhabi Securities Exchange (ADX) General Index dropped 0.3 per cent at 5,080.93.

Analysts say that foreign investors are hesitant to pour more money into the region because of the declines in global market. "Some are choosing to lock in whatever profit they made in the past few days," said Hiba Azar, a senior broker at Shaheen Financial Brokers, in a Bloomberg report.

The report said stocks dropped in Europe and Asia as the price of oil reached 144 (Dh528.91) a barrel. This has dampened earnings prospects for automobile and airline companies. The Dow Jones Industrial Average was bearish as US stocks tumbled yesterday.

Gulf Navigation Holding, a giant in the region's shipping and marine services industry, slumped 2.9 per cent to Dh1.69 while the biggest courier service company in the Middle East, Aramex, declined 2.3 per cent to Dh2.60 and Gulf General Investments Co slipped 2.2 per cent to Dh8.07.

Aabar, a former UAE-based oil and natural-gas producer that sold its only energy asset in March, jumped 7.8 per cent to Dh4.49 in Abu Dhabi trading. The company's board will meet on July 7 to discuss issuing bonds to the unidentified investor.

First Gulf Bank, Abu Dhabi's second-biggest bank by market value, ended a three-day rally and slid 2.1 per cent to Dh26.20 on ADX. The stock gained 10 per cent during the previous three days.

 






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