Dubai's bourse retreats as investors take early profits

The main Dubai bourse reversed its gains yesterday as early booking of profits led to a rush of selling. The Dubai Financial Market General Index closed 2.3 per cent lower at 1,717.97. The bourse's own shares lost 7.6 per cent to close at Dh1.71. Shuaa Capital fell 4.6 per cent to Dh1.24 and Emaar Properties dropped 4.5 per cent to Dh3.63. Analysts attributed much of the fall to momentum after traders started booking profits early.

"The retail investors saw the selling orders and remembered the old days," said Eyad Abdulnabi, the chief operating officer at Al Ramz Securities in Abu Dhabi. "It started as profit-taking, and then ended as panic." In Abu Dhabi, the market was calmer. The Abu Dhabi Securities Exchange General Index fell 0.4 per cent to 2,849.28. Taqa shares rose 4.13 per cent to Dh1.26 on news that the company's board was recommending a 10 per cent dividend on the face value of the share for last year.

Aldar Properties was 1.9 per cent higher at Dh4.18. Aabar Investments rose 1.3 per cent to Dh2.30 a share. Kuwait's main measure lost 0.3 per cent, while Qatar's bourse rose 3.7 per cent. The Muscat Securities Market and the Saudi Tadawul All Share Index ended higher, at 0.1 per cent and 0.7 per cent, respectively. The Bahrain Stock Exchange ended up 0.3 per cent. @Email:halsayegh@thenational.ae