Dubai's stocks lowest in 11 months
United Arab Emirates, Economics, 3/14/2006

The UNited Arab Emirates Dubai stock market reached on Monday the lowest level in 11 months.

The main indicators for Dubai bourse decreased to 69303 points, a decrease of 5.18%, recording the lowest closure rate since April 2005 and the decrease in Abu Dhabi was 2.53% to 4208 points.

The funds director in Shu'a Capital Kawkabani attributed the main reason for the decrease to the preliminary general bid and the decrease in neighboring stock markets which pressures that local market at a time when there is a general trend for the decrease in the course in the region.

Most of the selling operations concentrated in Dubai where largest money liquidity is provided in comparison with the other Emirates stock markets, at a time when investors are said to be selling stocks in order to collect money to invest in preliminary bid for the stocks of the second largest telecommunications company in the United Arab Emirates in which subscription ends today (Tuesday) at a volume of 2.43 billion Dirham ( USD 659 million).

Analysts said that investors who pulled money out of the stock market did not put it back in, in which they had invested in an earlier preliminary bids at a value of 550 million Dirham for the stocks of a real estate financing company.

The stocks of al Imar real estate company went down by 1.47% and the Dubai Islamic Bank went down by 5.07%.

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