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Emaar shares slip below Dh5

By Vicky Kapur

The Dubai Financial Market (DFM) general index slipped more than 50 points, or 1.7 per cent, within 45 minutes of opening on Monday as Brent crude fell 2.6 per cent to about $32.66 a barrel while West Texas Intermediary was down 2.3 per cent at $32.39 a barrel on concerns that Chinese economic slowdown could continue to dent demand this year.

Market benchmark Emaar Properties fell almost 3 per cent, below the Dh5-mark and traded at Dh4.93 at 10.45am on Monday before picking up a little. Emaar was down 2.3 per cent at 11am, trading at Dh5 per share. 

Construction major Arabtec Holding, on the other hand, was up 3.4 per cent at Dh1.2 at around 11am, and was one of the only two shares up this morning on the DFM.

Meanwhile, the Abu Dhabi Exchange (ADX) general index was down more than 20 points, or 0.5 per cent, led by a 2.8 per cent decline in the share price of Abu Dhabi Commercial Bank while the list of gainers was led by Abu Dhabi National Insurance Company, up more than 4 per cent.

Regionally, the Doha Stock Market, which has been the second worst performer this year so far, was down 0.2 per cent while the Kuwait Stock Exchange was down 0.2 per cent and the Muscat Securities Market was down 0.7 per cent and the Bahrain Stock Exchange was flat at +0.01 per cent.

The Saudi Tadawul, which has been the worst performing market this year so far (down 11.9 per cent YTD) was yet to open.