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Dubai stock mart touches 1-year low |
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4/29/2006 9:23:53 AM |
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CAIRO: The main stock index for Dubai, United Arab Emirates, fell to the lowest in more than a year, making the biggest move among Arab equity markets.
Emaar Properties, the Middle East’s largest publicly traded real- estate developer, led the drop.
“The market had shot up too quickly,” said Alfred Fayek, Dubai-based senior account manager at EFG-Hermes Holding SAE, an Egyptian investment bank that manages about $1.8bn. “We’re going to see interest from international buyers at these prices now as they are becoming cheaper.”
The Dubai Financial Market Index slid for a second day, falling 29.83, or 4.8%, to 586.51, the lowest since April 4, 2005. Twenty stocks retreated and two were unchanged, according to the bourse’s website.
The measure lost 1.5% on Wednesday after climbing 6.5% in the previous two days. Dubai’s index has plunged 42% this year, the worst performance among 79 stocks worldwide, amid concern that prices overstate the outlook for profit growth.
Shares in the Dubai index are valued at 19.3 times estimated earnings. The price-to-earnings ratio is above the average multiple of 14.3 for shares in the Morgan Stanley Capital International Emerging Markets Index, a global measure.
Seven out of 12 Arab markets fell yesterday, including those in Abu Dhabi and Saudi Arabia. Six gauges, including those for Egypt and Morocco, rose.
Emaar Properties fell 3.8% to 15 dirhams. Emaar accounted for more than a third of the value of shares traded on the bourse, according to the index’s website. The Abu Dhabi Securities Market General Index slumped 1.9 % to 3811.01, the exchange’s website showed. The gauge has dropped 26% this year. Abu Dhabi is the largest economy among the seven members of the U.A.E. Emirates Telecom, the UAE’s biggest mobile-phone company, decreased 1.7% to 17.25 dirhams. Emirates Telecommunications is the largest member of the Abu Dhabi index. – Bloomberg
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