Abu Dhabi's property heavyweights traded under their nominal value yesterday, sending the capital's broader market to a fresh 14-month low.
Aldar Properties, Abu Dhabi's biggest developer, dropped 3.8 per cent to Dh1. During the trading session, the stock traded as low as 99 fils, the lowest since the company listed in April 2005. Sorouh Real Estate, the capital's second-biggest developer, fell 3.1 per cent to 91 fils.
"Aldar and Sorouh trading under Dh1 is significant because they are the most widely held stocks on the Abu Dhabi Securities Exchange," said Nabil Farhat, a partner at Al Fajer Securities in Abu Dhabi. "They are the equivalent of Emaar Properties on the Dubai Financial Market."
Arkan Building Materials declined 2.6 per cent to Dh1.20. Ras Al Khaimah Cement declined 2.6 per cent to 73 fils. The Abu Dhabi Securities Exchange General Index closed 0.7 per cent lower at 2,453.97, the lowest since August last year.
In Dubai, Emaar Properties, the region's biggest developer, fell 1.2 per cent to Dh2.47. Arabtec Holding, Dubai's biggest contractor, declined 0.7 per cent to Dh1.29.
The Dubai Financial Market General Index slipped 0.6 per cent to 1,366.22, the lowest closing since March 7.
Elsewhere in the region: Kuwait's index was little changed at 5,898.40; Bahrain's fell 0.2 per cent to 1,148.27; Oman's rose 0.4 per cent to 5560.89; and Qatar's benchmark rose 0.3 per cent to 8,470.36. The Saudi Tadawul All-Share Index was little changed at 6,131.80.