DUBAI: Real estate stocks weighed on Dubai's index Tuesday, pressing it lower a second day on continued uncertainty over debt restructuring at state-owned group Dubai World.
"There was buying in selected stocks, and towards the end of the session we saw buying in Emaar," said Ayman el-Saheb, director of operations at Darahem Financial Brokerage. "The panic is not yet over, but people are becoming aware this is not a catastrophe.
The index declined 5.6 per cent to 1,831 points. In Abu Dhabi, banking stocks fell on growing concern about their possible exposure of UAE banks to the indebted companies. So far, only National Bank of Abu Dhabi has officially disclosed its exposure. Union National Bank, Abu Dhabi Commercial Bank, and First Gulf Bank all fell around 9.8 per cent in the absence of any statement on their exposure.
Financial stocks led declines in Kuwait after the central bank governor said two Kuwaiti lenders had a total exposure of $118 million to Dubai World and Nakheel.
Gulf Bank slumped 8.5 per cent and Kuwait Finance House dropped 5.5 per cent. Similarly, banking stocks took a beating in Qatar, with Qatar National Bank and Doha Bank both tumbling around 9 per cent.
Wednesday, December 2, 2009
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