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The DFM Index shed 5.12 percent to 2,033.14, largely dragged down by market leader Emaar Properties. Most sectors were unable to sustain the previous day's gains.
The real estate sector took the biggest hit, falling 9.45 per cent; investments slid 6.17 per cent; banks dropped 2.82 percent; transportation, 4.79 per cent; telecommunication, 4.45 per cent and utilities, 3.75 per cent. "Under a volatile market, investors went into a profit-taking mode after seeing yesterday's spurt," said Faisal Hasan, research head of Kuwait-based Global Investment House. On Monday, the DFM Index posted its biggest single day jump in a month as investors snapped up bargain stocks. "The negative behaviour in the global markets is putting our markets under pressure too," John Sfakianakis, chief economist at British Bank in Riyadh was quoted by Bloomberg as saying.
A Bloomberg report said the DFM Index was also pulled down by Citigroup Inc.'s statement, pointing out that Dubai is the most susceptible among Gulf countries to a global slowdown.
"Dubai has the most vulnerable economy in the Gulf to lower oil prices as real estate prices and debt refinancing pose real risks," Citigroup said Tuesday. Citigroup's Mushtaq Khan wrote in a report Dubai's two specific concerns are its real estate sector and how it will refinance the debt it has built up in recent years. Emaar Properties fell 10 percent to Dh.33. Its competitors, Arabtec Holding lost 8.95 per cent to Dh .33, while Union Properties dropped 9.3 percent to Dh.12."Investors seem concern that the property market might be facing a glut with a surge in supply," said Hasan.
"At the same time current liquidity situation and further raising of funds could be the major concern for real estate companies."
Among banks, Emirates NBD, the United Arab Emirates' largest bank, declined 3.61 percent to Dh.15.In Abu Dhabi, benchmark index Abu Dhabi Securities Market Index, extended gains to three days, rising 1.3 percent to close at 2,883.78.
rocel@khaleejtimes.com
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