- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:54 06:07 12:12 15:34 18:10 19:24
Abu Dhabi Securities Exchange retreated yesterday amid the lowest turnover since the beginning of the year. The ADX index lost 23.78 points, 0.88 per cent, and closed at 2681.66 points.
The turnover continued to drop amid shortage in liquidity with 37.6 million shares worth Dh82.2 million changed hands during the session. Real estate stocks dominated around 55 per cent of the turnover.
Real estate and energy stocks were the top movers in the market yesterday and created major pressures on the index at low turnover. Aldar, Sorouh and RAK Properties retreated by 3.9 per cent, 2.92 per cent and 3.57 per cent respectively. Aabar and Dana declined by 2.51 and 1.11 per cent while Taqa advanced slightly to close at Dh1.21.
"The real estate sector in the ADX retreated yesterday due to pressures from global markets. However, the sector is still strong in Abu Dhabi and real estate companies are expected to achieve profits during the coming years," said Ehab Rashad, Trading Manager of Direct Broker for Financial Services.
"Fundamentals of Aldar and Sorouh are still strong and both companies are expected to rally when the market bounces up," he said. However, Ahmed Tabbo, Financial Analyst at Darahem Brokerage, sees that the real estate sector is still suffering from the global financial crisis.
"Despite the UAE economy is very strong, the outlook of the real estate market is choppy. Realty stocks are leading local markets and this is giving negative impact on the indices."
Pressure on RakProp
RAK Properties suffered from strong selling pressures at the ADX yesterday after the company reported a net loss of Dh11.5 million during the fourth quarter of 2009 while the full-year profits declined by 55 per cent to Dh170 million compared with Dh379.4 million in 2008.
The stock retreated 3.57 per cent to close at Dh0.54.
The company did not hand over any units in 2009, but said in a statement on the ADX that it would start to recognise revenues in 2010 from handing over Julfar Towers, RAK Tower, and units in the Mina Al Arab Precinct 4.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.
Follow Emirates 24|7 on Google News.