Bloomberg News

Dubai Shares Drop Most in More Than a Month as UPP Declines

February 02, 2012

Feb. 2 (Bloomberg) -- Dubai’s benchmark stock index fell the most in more than a month amid speculation this week’s gain was overdone and after real-estate developer Union Properties PJSC said its full-year loss widened.

Union Properties slumped 9.8 percent, the most since January 2010. Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest lender complying with Shariah rules, dropped the most since April 2010. The DFM General Index fell from a four-month high, declining 1.2 percent to 1,435.96 at the 2 p.m. close in the emirate, trimming this week’s gain to 2.1 percent. The Bloomberg GCC 200 Index rose 0.2 percent.

“A combination of profit-taking and disappointing results of Union Properties is dragging the market,” said Tariq Qaqish, deputy head of asset management at Dubai-based Al Mal Capital. Dubai’s index has rallied 6.1 percent this year.

Union Properties said it had a net loss of 1.57 billion dirhams ($427 million) in 2011 after a loss of 1.53 billion dirhams a year earlier. Total assets declined to 9.1 billion dirhams at the end of last year from 14.9 billion dirhams a year earlier. The shares tumbled to 28.4 fils. There are 100 fils to the dirham.

Dubai Islamic Bank declined 4.1 percent to 2.1 dirhams.

Abu Dhabi’s ADX General Index gained 0.4 percent and Qatar’s measure climbed 0.8 percent. Oman’s MSM30 Index and Bahrain’s BB All Share Index were little changed.

Kuwait’s bourse was closed for a public holiday and Saudi Arabia’s Tadawul market for the weekend.

--Editors: Claudia Maedler, Stephen Kirkland

To contact the reporter on this story: Alaa Shahine in Cairo at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net -0- Feb/02/2012 10:57 GMT


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