Farah Halime
Aldar Properties dragged the capital's index down in early trading after it lost nearly 4 per cent to Dh2.18, the most in over a month.
The company announced a funding framework late on Thursday comprising the sale of Dh10.9 billion (US$2.96bn) to the Government of infrastructure assets on Yas Island, Dh5.5bn of residential units and land, and a Dh2.8bn convertible bond.
"Traders took the news very badly" and many withdrew Aldar from their portfolios, said Amjad Bakir, said trading manager at Wafa Financial Services. Telecoms giant Etisalat also dipped after its deadline to buy a 46 per cent stake in its rival Zain headed towards a formal extension amid uncertainty over the sale.
Etisalat had said its proposal will be terminated unless enough shareholders of Zain enter into a definitive transaction by January 15.
Shares in the stock lost 0.47 per cent to Dh10.7, though volume of shares being traded was thin at just over 100,000 shares changing hands.
The Dubai Financial Market (DFM) General Index lost 0.4 per cent to 1,618.40 points and the Abu Dhabi Securities Exchange retreated 0.3 per cent to 2,729.67 points.
In Dubai, real estate also took a hit as Emaar Properties, Arabtec and Deyaar Development all fell per cent to Dh3.44, per cent to Dh1.85 and per cent to 30 fils respectively.
But Gulf Navigation, which earlier this month acquired a supertanker as part of its expansion strategy in the crude oil market, was the only gainer at the open as the stock rose 0.2 per cent to 41 fils.
fhalime@thenational.ae
