Real estate stocks lead plunge in UAE last week

UAE stocks lost Dh13.3 billion of market capitalization this week on account of Dubai's Dh11.2 billion in losses.

The Dubai Financial Market's general index plunged 3.05 per cent to 5,578.19, and Abu Dhabi's benchmark retreated 1.18 per cent to 4,676.47.

The real estate sector was the biggest loser, dragged down 3.9 per cent by Emaar Properties, which fell 4.6 per cent to Dh11.35. Sorouh Real Estate plummeted 3.4 per cent to Dh10.05 in Abu Dhabi, according to the weekly report of Amanah Capital.

The energy sector followed, dropping by 3.8 per cent. Record oil prices failed to lift the listed energy companies. Abu Dhabi National Energy (Taqa) fell 3.3 per cent to Dh3.47. Aabar Petroleum and Dana Gas recorded tangible losses as well, retreating 8.3 and 3.1 per cent to Dh3.66 and Dh2.19, respectively.

The telecom sector ended the week in the red as well on account of etisalat's decline by 1.2 per cent to Dh23.80.

DFM's shares dropped 3.4 per cent to Dh5.65, losing Dh1.6 billion in market value and dragging the financial sector's sub-index down 2.5 per cent.