Equity Alert: Realty cos slide further; dealers recommend selling
MUMBAI--2:10PM--Real estate shares tumbled on weak market
sentiment and as
investors continued to reduce exposure to the sector on lack of
triggers,
dealers said.
Unitech slumped over 5% to 114 rupees, while DLF declined over 3%
to 376
rupees.
Indiabulls Real Estate tumbled nearly 9% to 180 rupees amid heavy
volumes
of over 6 mln shares on NSE.
Outlook for the sector is deteriorating further as more global
financial
companies totter. This has led to concerns on fund raising, an analyst
at
ICICI Securities said.
Although most realty stocks are trading below their net asset
values
and are attractive, they will continue to fall until property prices
stabilise, the analyst said.
"There are no opportunities in the sector right now. With no
triggers
seen, I would recommend to sell the stocks and minimise the losses as
the
stocks are seen touching new lows soon," a senior dealer said.
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