DFM trading hits doldrums

Trading was thin on the local bourses yesterday as Emaar Properties announces lower apartment and villa sales in the first quarter.

How the DFM closed on May 15, 2011.
Powered by automated translation

Trading was concentrated on two property-related stocks on the Dubai Financial Market yesterday as the markets hit the doldrums ahead of the summer holidays.

More Business news: Editor's pick of today's headlines

Last Updated: May 16, 2011

Sales drop at Emaar a year after Burj triumph Emaar reported a 79 per cent drop in home sales in the first quarter. Read article

Bahrain moves to repair the damage Bahrain's state of emergency will end a fortnight earlier than planned but industry experts are still unconvinced that the Gulf's smallest economy will regain investors' confidence. Read article

Buddha Bar is in talks to open a hotel in Abu Dhabi Buddha Bar, the luxury bar and restaurant company, is in talks to open a hotel under its brand in Abu Dhabi. Read article

A day in the life of a Dubai trader Industry Insights // An insight into the volatility and trading on the regional bourses, following Marwan Shurrab, the chief trader at Dubai-based Gulfmena Investments. Read article

Du set to maintain its pace with subscribers Du, the second telecoms operator in the country, is expected to continue gaining mobile subscribers from Etisalat which should bode well for revenues, Dubai-based Al Mal Capital said. Read article

"It's lacklustre trading," said Saleem Khokhar, a fund manager at National Bank of Abu Dhabi. "There is no overriding sentiment at the moment, with a little bit of profit taking going into the summer."

Emaar Properties, the developer behind the Burj Khalifa, declined 1.5 per cent after it said revenue from apartment sales fell 81 per cent and villa sales lost 50 per cent in the first quarter amid weak property demand.

Shares in Emaar closed at Dh3.17 a share.

Tamweel, the top traded stock on the Dubai bourse with more than 45 million shares changing hands, declined 0.7 per cent. Shares in the Islamic mortgage financing company closed at 84 fils.

The Dubai Financial Market General Index lost 0.7 per cent to 1,585.45.

The Abu Dhabi Securities Exchange General Index was down 0.6 per cent to 2,655.10.

Property stocks led the declines. Sorouh Real Estate, Abu Dhabi's second-biggest developer, lost 1.4 per cent to Dh1.36. RAK Properties dropped 2.5 per cent to 39 fils a share.

Elsewhere in the region: Kuwait's measure lost 0.9 per cent to 6,441.00; Bahrain's index was unchanged at 1,382.90; Oman's index lost 0.1 per cent to 6,152.04; Qatar's benchmark lost 0.5 per cent to 8,666.65; and the Saudi Tadawul All-Share Index was down 0.3 per cent to 6,690.68.