Looks like all the High net investors (HNI's) investors are going to soon be HNS (High net suckers). Emaar tried hard to raise funds in early 2008 but due to the US market crash, the Indian market went soft. Now the sand shifted under their own feet. I wonder how Indian regulators like SEBI and all the Indian stock brokering underwriters didn't flinch a bit examining the Emaar books. It goes to show rigged the Indian stock market is. The Reliance power script is still trading at 145, far from the peak it reached from the IPO. Investors in India have to be super careful. Trust no one should be the Ekam Sat when it comes to Indian markets. As far as Shah Rukh goes, he can entertain the Sheiks this new year and make up for his losses in the Dubai market. What happens to the poor suckers who lost their shirt and cannot shake a leg ?
Emaar shares plunge as UAE markets tumble AFP/File – A view of Dubai's Marina area shows high-rise buildings being built by Emaar. Shares in Dubai's …
by W.G. Dunlop W.g. Dunlop – 2 hrs 33 mins ago
DUBAI (AFP) – Shares in Dubai's giant property developer Emaar dropped the maximum-allowed 10 percent on Monday as stocks in the United Arab Emirates took a fresh tumble over Dubai's debt woes.
The Dubai exchange slumped 5.84 percent and Abu Dhabi's market dropped 1.68 percent, after both on Sunday had recovered some of the heavy losses they sustained last week.
Emaar, developer of the world's tallest building, Burj Dubai, led the downward charge on the Dubai Financial Market. Emaar shares dropped the maximum 10 percent.
The company's shares had closed 3.55 percent up on Sunday, following heavy losses last week.
By its close the DFM had settled at 1,744.83 points, a day after a rise of 1.18 percent, to 1,853.13 points.
The Abu Dhabi Securities Exchange dropped to 2,628.24 points at the close of trading on Monday, a day after having closed up a hefty 3.89 percent at 2,673.12 points.
Wadah Taha, chief investment officer at the Dubai-based Zarooni Group, attributed the continued troubles in the two exchanges to the lack of information on developments regarding the debt-laden Dubai World conglomerate.
"I think the fear is still there, the fear which affects the market sentiment and investor psychology," Taha said.
"The main fear today is due to the meeting between Nakheel and its creditors," he said. Nakheel, which is part of Dubai World, is reportedly to meet with its creditors this week to discuss rescheduling its debts.
There is also a lack of clarity regarding which banks and companies are exposed to Dubai World, Taha said.
"The picture needs to be more clear, more transparency is required," he said. "The volatility of both markets will remain high unless we deal with the issue of transparency."
Meanwhile, Saudi Arabia's exchange fell slightly on Monday, closing down 0.99 percent. Its TASI index closed 0.33 percent up on Sunday at 6,309.05 points, but fell to 6,246.50 points by its close on Monday.
The Kuwaiti stock market was likewise down, closing 0.79-percent lower, at 6,678.9 points, while Bahrain's small exchange dropped slightly, closing at minus 0.07 percent.
Bucking the trend, Qatar and Oman's stock markets were up on Monday.
Qatar's exchange rose 1.06 percent, closing at 7,132.26 points, while Oman's market went up 0.32 percent, to close at 6,302.170 points.
Both the Dubai and Abu Dhabi markets suffered heavy losses last week over Dubai's debt troubles. The Dubai index plunged 12.5 percent over a two-day trading period, while Abu Dhabi's slumped 11.6 percent.
The sharp falls came after Dubai on November 25 requested a freeze of payments on the debt of its largest conglomerate, Dubai World, which is liable for 59 billion dollars.
The request raised fears of a debt default by Dubai and sent jitters through global financial markets. The emirate's debts are estimated to total at least 80 billion dollars, with some estimates as high as 120 billion dollars.
On Monday, Dubai department of finance head Abdulrahman al-Saleh said Dubai World could sell some of its assets in the United Arab Emirates and abroad to strengthen its financial situation.
"The sale of assets is a normal measure to strengthen the group's financial situation in these circumstances," Saleh said in an interview with Al-Jazeera television.
He also reiterated the Dubai government does not guarantee Dubai World's debts, but said the "Dubai Financial Support Fund," which he chairs, "has helped companies affected by the financial crisis, including Dubai World."
Emaar shares plunge as UAE markets tumble AFP/File – A view of Dubai's Marina area shows high-rise buildings being built by Emaar. Shares in Dubai's …
by W.G. Dunlop W.g. Dunlop – 2 hrs 33 mins ago
DUBAI (AFP) – Shares in Dubai's giant property developer Emaar dropped the maximum-allowed 10 percent on Monday as stocks in the United Arab Emirates took a fresh tumble over Dubai's debt woes.
The Dubai exchange slumped 5.84 percent and Abu Dhabi's market dropped 1.68 percent, after both on Sunday had recovered some of the heavy losses they sustained last week.
Emaar, developer of the world's tallest building, Burj Dubai, led the downward charge on the Dubai Financial Market. Emaar shares dropped the maximum 10 percent.
The company's shares had closed 3.55 percent up on Sunday, following heavy losses last week.
By its close the DFM had settled at 1,744.83 points, a day after a rise of 1.18 percent, to 1,853.13 points.
The Abu Dhabi Securities Exchange dropped to 2,628.24 points at the close of trading on Monday, a day after having closed up a hefty 3.89 percent at 2,673.12 points.
Wadah Taha, chief investment officer at the Dubai-based Zarooni Group, attributed the continued troubles in the two exchanges to the lack of information on developments regarding the debt-laden Dubai World conglomerate.
"I think the fear is still there, the fear which affects the market sentiment and investor psychology," Taha said.
"The main fear today is due to the meeting between Nakheel and its creditors," he said. Nakheel, which is part of Dubai World, is reportedly to meet with its creditors this week to discuss rescheduling its debts.
There is also a lack of clarity regarding which banks and companies are exposed to Dubai World, Taha said.
"The picture needs to be more clear, more transparency is required," he said. "The volatility of both markets will remain high unless we deal with the issue of transparency."
Meanwhile, Saudi Arabia's exchange fell slightly on Monday, closing down 0.99 percent. Its TASI index closed 0.33 percent up on Sunday at 6,309.05 points, but fell to 6,246.50 points by its close on Monday.
The Kuwaiti stock market was likewise down, closing 0.79-percent lower, at 6,678.9 points, while Bahrain's small exchange dropped slightly, closing at minus 0.07 percent.
Bucking the trend, Qatar and Oman's stock markets were up on Monday.
Qatar's exchange rose 1.06 percent, closing at 7,132.26 points, while Oman's market went up 0.32 percent, to close at 6,302.170 points.
Both the Dubai and Abu Dhabi markets suffered heavy losses last week over Dubai's debt troubles. The Dubai index plunged 12.5 percent over a two-day trading period, while Abu Dhabi's slumped 11.6 percent.
The sharp falls came after Dubai on November 25 requested a freeze of payments on the debt of its largest conglomerate, Dubai World, which is liable for 59 billion dollars.
The request raised fears of a debt default by Dubai and sent jitters through global financial markets. The emirate's debts are estimated to total at least 80 billion dollars, with some estimates as high as 120 billion dollars.
On Monday, Dubai department of finance head Abdulrahman al-Saleh said Dubai World could sell some of its assets in the United Arab Emirates and abroad to strengthen its financial situation.
"The sale of assets is a normal measure to strengthen the group's financial situation in these circumstances," Saleh said in an interview with Al-Jazeera television.
He also reiterated the Dubai government does not guarantee Dubai World's debts, but said the "Dubai Financial Support Fund," which he chairs, "has helped companies affected by the financial crisis, including Dubai World."
0 comments:
Post a Comment