Property Sell off affects the UAE Market
Due to decline in property stocks, there was a fall in the UAE markets on Sunday, which led to fall in shares in Dubai, to its 11 month low. On the other hand, Abu Dhabi stocks further fell down reaching to their lowest level since the month of November.
On Sunday, the Dubai benchmark stock index fell to 4.6% and closed at 4,471.71. It happened as a result of sell-off from foreign institutions and local investors.
Fahd Iqbal, a GCC strategist at the Egyptian investment bank EFGHermes reported, “The Abu Dhabi bourse plummeted 3.7 per cent at 4,149.57 points. Falling 7.3 per cent, or 668.11 points, to close at 8,490.22, the real-estate sector was the biggest sub-index loser on the Dubai Financial Market General Index due to concerns over recent regulations limiting secondary sales of off plan properties to weed out short-term investors.”
There was a loss of almost eight per cent to Dh8.07 by the Emaar Properties, after it touched Dh7.88 during the intra-day trading, its lowest level in nearly three and half years. In the same flow, Union Properties lost 6.9 per cent to Dh3.49 and even Deyaar Development saw a fall of 4.4 per cent to Dh1.74.
The analysts are of the viewpoint that the investors can get scared of the further regulation of the property sector that includes as requiring the pre-registration of sales contracts on off-plan units.
New Zealand News
- Porsche reportedly developing electric version of 718 sports car
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
- Plug-in cars’ share grows to 32% in Netherlands in September 2021
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain
- TenneT adds more electric BMWs to study use of EVs to support power grids