(ALIA AL SHAMSI)
The Dubai bourse failed to rally on back of Emaar Properties, dragging the DFM General Index 0.41 per cent to 6,003.28 points on the last trading day of the week.
Shares of Emaar gained 0.66 per cent to close at Dh15.20. The counter opened on a strong note, rising to a mid-day high of Dh15.60. More than 70 million shares of Dh1.8 billion changed hands in 2,237 deals.
“The buy-back news initially drove up Emaar shares. But there was selling in the last session that drove its price down,” said an analyst.
Property developers Deyaar and Union Properties could not hold on to their leads. The former fell 0.67 per cent to Dh2.94, while the latter declined 3.21 per cent to Dh5.11.
Shuaa Capital and Dubai Financial Market saw their name among the top five losers. Shuaa lost 4.34 per cent to Dh6.39, as 283,833 shares of Dh1.8m were traded, while the DFM scrip plunged 4.66 per cent to finish at Dh6.33.
More than 65 million shares of Dh424m exchanged hands during the day. Overall, 483 million shares of Dh1.07bn were traded in 19,165 deals on the Dubai Financial Market, with 19 shares declining and 11 advancing. du, the second telecom services provider, rose 7.49 per cent to end at Dh7.49. The scrip touched an upside of Dh8.42. More than 92 million shares of Dh705m being traded.
According to EFG-Hermes, the UAE’s rising population will drive the country’s telecommunications growth in 2008 and beyond.
The investment bank expects du to continue capturing a higher share of net additions over the next two years, increasing its market share to 25 per cent in 2009. Shares of Air Arabia jumped 0.50 per cent to Dh2, as 426m shares of Dh872m exchanged hands.
Emirates NBD scaled up by 1.02 per cent to Dh14.85, while Al Mazaya rose 8.82 per cent to end at Dh9.25. Meanwhile, the Abu Dhabi Securities Market (ADSM) general index fell 0.69 per cent to 4604.11 points.
Aldar was the most active scrip by value, but fell 3.56 per cent to Dh12.20, as 19.9m shares were exchanged. Sorouh declined by 0.77 per cent to Dh9.06, with 592,550 shares being traded, while RAK Properties declined by 3.63 per cent to Dh2.39.
Emirates Driving Company rose 8.39 per cent to Dh6.33, while Abu Dhabi Aviation jumped 3.13 per cent to Dh3.30.
Overall, 223m shares of Dh1.02bn were exchanged, as 12 companies advanced and 34 declined.
ASIAN STOCKS HEAD SOUTHWARD
Asian stocks dropped for the first time in five days, led by banks, on concern falling US home prices will lead to more mortgage-related losses and after a report that China set quotas for new loans.
Mitsubishi UFJ Financial Group led declines in Japan after US home prices recorded the biggest slump in six years. China Construction Bank slid after Reuters said the nation’s central bank set limits for new loans by China’s four largest state-owned lenders. The Nikkei 225 Stock Average lost 0.6 per cent to 15,564.69 and Hong Kong’s Hang Seng Index slid 1 percent to 27,842.93. All other Asian benchmarks gained.
India’s Sensitive index rose for a fifth day, its longest winning streak in two months.