The Dubai Financial Market General Index fell 1.8 per cent to 1,335.87. Reuters
The Dubai Financial Market General Index fell 1.8 per cent to 1,335.87. Reuters

Dubai stocks at 7-year low



Dubai's stocks fell to their lowest since 2004 yesterday, with the UAE defying a brightening outlook on world and regional markets.

The Dubai Financial Market General Index fell 1.8 per cent to 1,335.87.

The Abu Dhabi Securities Exchange General Index declined 1.2 per cent to 2,343.25, extending an eight-day losing streak.

Rumours and speculation were rife as traders struggled to make sense of a drop in share prices without any fundamental reason, said Ali Khan, the head of Mena equity sales at Royal Bank of Scotland.

"There's not a theme or a catalyst out there in recent days to explain the sudden underperformance that's happening in the UAE," he said.

Liquidations of portfolios and derisking ahead of the end of the year were the most likely explanation for the recent sell-off, he added. Aldar Properties' shares closed 3.5 per cent lower at 82 fils each after the company denied it was seeking to delist.

Meanwhile, speculation about an impending takeover of Amlak Finance by Emirates NBD sent the Dubai-based lender's shares down 1.6 per cent to Dh3 each.

Arabtec shares retreated from a 13-month high this week, sliding 3 per cent to Dh1.60 each. The stock has now fallen 8 per cent since Monday. European stocks rose as European Central Bank efforts to supply fresh liquidity to the banking system began.

Oil prices rose sharply following improved economic data from the US yesterday. Brent futures gained 78 cents to US$108.41 a barrel.

Elsewhere in the Gulf, Qatar and Oman were flat, while Kuwait and Bahrain fell. Saudi Arabia's Tadawul All-Share Index rose 0.5 per cent.

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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UAE squad to face Ireland

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