Emaar shares lose, weigh on lacklustre Dubai exchange

09 December 2010

The Dubai market finished a brief déjà-vu above 1,700 points during the week and closed 0.45% lower on Thursday at 1,692.83 points. Market bellwether Emaar Properties dived 0.80%, finishing at Dhs3.74. The market also suffered from the weak sentiment after Axiom Telecom cancelled its IPO at the international exchange Nasdaq Dubai, leaving the UAE without any going public in 2010. Josef Schuster, CEO of IPOX Schuster, a firm specialised on going publics worldwide, told AMEinfo.com, that “despite record global IPO activity, capital structure IPOs where proceeds go to pay down rather than to growing the company still have a hard time to get done, in particular in emerging markets. The cancellation of the Axiom IPO is indicative of this”. Trading volumes more than halved as some 96.7m shares changed hands, as five stocks gained, 17 securities lost value and three ended flat.

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