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Thu 11 Nov 2010 11:01 AM

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Property stocks weigh on Dubai, Abu Dhabi

Dubai index DFM drops 0.9 percent to a near six-week low, ending at 1,692 points

Property stocks weigh on Dubai, Abu Dhabi
Air Arabias trading volumes accounted for nearly all trading in Dubai. (AFP/Getty Images)

Markets in the UAE fall, as Aldar Properties weighed on Abu Dhabi and Arabtec and Emaar Properties dragged Dubai.

Abu Dhabi's Aldar Properties dropped 3.4 percent. The developer had posted its fourth straight quarter loss on Tuesday. The firm said it is in final stages of talks with the government on its cash requirements.

"There is still a lack of clarity on Aldar," said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.

"After reports that they may have found a solution for their funding gap there has been no information from the company."

The benchmark ADI slipped 0.2 percent to 2,758 points.

Dubai's builder Arabtec fell 2.6 percent and Emaar Properties slipped 1.3 percent.

Dubai index DFM dropped 0.9 percent to a near six-week low, ending at 1,692 points.

Kuwait's Zain dropped, weighing on the country's index as investors react to mixed signals on the firm's deal with UAE telco Etisalat.

Zain fell 6.7 percent after hitting a 14-month high on Wednesday. A dispute over Etisalat's $12bn bid to buy a 46-percent stake in Zain escalated after a Zain board member threatened legal action to block the deal.

"Investors are getting mixed signals from Zain's deal with Etisalat," said a Kuwaiti trader.

"The market is also reacting to the fact that a long holiday is coming up and traders don't want to keep stocks over the break."

The Kuwait index KWSE ended lower by 0.7 percent at 6,950 points.

Qatar edges higher led by Industries Qatar and Qatar Islamic Bank, which led a late rally after dropping in early trade.

Industries Qatar gained1.4 percent and Qatar Islamic Bank added 1.8 percent.

The benchmark QSI ended higher by 0.4 percent at 8,074 points.

 

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