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Dubai stocks plummet under selling pressure |
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12/26/2008 9:34:45 AM |
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Dubai Financial Market suffered the third largest weekly retreat so far this year after it ended trading losing 22.48 points, or 1.40 per cent and closed at 1,587.08 points. The index lost 322.23 points this week, a slip of 16.8 per cent.
The index experienced strong selling pressures during the intraday trading and declined to 1,537 points, however heated trading on Arabtec stock during the last hour helped the index to narrow its loses.
Arabtec stock rebounded sharply during the session from Dh3.17 to Dh3.99, gaining nearly the limit up at 14.98 per cent.
The sharp fluctuation in the stock came after the company announced in a statement that the shareholders entitled to bonus shares are those registered on the shareholder book on January 4, 2009, based on the end of trading on December 30.
"Also, the DFM stock surged by 2.7 per cent to close at Dh1.14, which supported the index. Meanwhile, the real estate and banking sectors continued to press on the DFM index as Emaar stock declined to Dh2.21, losing 1.8 per cent, and Deyaar retreated 5.5 per cent to Dh0.51. Emirates NBD dropped 4.5 per cent to Dh2.77 and DIB lost three per cent to close at Dh1.60.
The turnover continued among the lowest levels with 170.4 million shares traded at a value of Dh222.5m. Emaar and Arabtec dominated the most active stocks in the market.
Abu Dhabi Securities Exchange also suffered huge losses throughout the week and slumped by 14.7 per cent after losing 394.18 points.
The index lost 44.37 points, or 1.91 per cent, yesterday and closed at 2281.86 points.
The session showed one of the lowest turnovers as 46.7m shares changed hands at a total value of 83.4m. Etisalat stock was the most active stock and performed strong pressures on the ADX index throughout the session as it declined sharply during intraday trading to Dh9.30. However, it could narrow its losses and close at Dh9.71, retreating 1.92 per cent.
All sectors in the index ended the session losers with banking and insurance sectors suffering the major hits. Sorouh advanced 1.47 per cent to Dh2.82, while stocks of Al Wathba Insurance, Al Khazna Insurance, and Umm Al Quwain Cement closed with limits down. |
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Source: Business24-7.ae |
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