DFM trading hits doldrums

Trading was concentrated on two property-related stocks on the Dubai Financial Market yesterday as the markets hit the doldrums ahead of the summer holidays.

"It's lacklustre trading," said Saleem Khokhar, a fund manager at National Bank of Abu Dhabi. "There is no overriding sentiment at the moment, with a little bit of profit taking going into the summer."

Emaar Properties, the developer behind the Burj Khalifa, declined 1.5 per cent after it said revenue from apartment sales fell 81 per cent and villa sales lost 50 per cent in the first quarter amid weak property demand.

Shares in Emaar closed at Dh3.17 a share.

Tamweel, the top traded stock on the Dubai bourse with more than 45 million shares changing hands, declined 0.7 per cent. Shares in the Islamic mortgage financing company closed at 84 fils.

The Dubai Financial Market General Index lost 0.7 per cent to 1,585.45.

The Abu Dhabi Securities Exchange General Index was down 0.6 per cent to 2,655.10.

Property stocks led the declines. Sorouh Real Estate, Abu Dhabi's second-biggest developer, lost 1.4 per cent to Dh1.36. RAK Properties dropped 2.5 per cent to 39 fils a share.

Elsewhere in the region: Kuwait's measure lost 0.9 per cent to 6,441.00; Bahrain's index was unchanged at 1,382.90; Oman's index lost 0.1 per cent to 6,152.04; Qatar's benchmark lost 0.5 per cent to 8,666.65; and the Saudi Tadawul All-Share Index was down 0.3 per cent to 6,690.68.

halsayegh@thenational.ae