There were few bright spots yesterday as most investors sold off their positions in property and banking stocks and traders booked profits to shelter themselves from risky positions as the year-end approaches.
Aramex shines on dull day as construction firms slip
Aramex was a rare bright spot yesterday as most investors sold off their positions in property and banking stocks.
Shares in the logistics courier rose nearly 2 per cent to Dh2.04 on Dubai's main bourse. Earlier in the week it announced strategic acquisitions and partnerships in Turkey, Malaysia, Bangladesh and Vietnam.
Samer al Jaouni, the general manager at Middle East Financial Brokerage, said: "Everyone is buying into Aramex because of the acquisition news and [because] people are trying to diversify."
However, construction companies and building contractors, considered heavyweights in the UAE market, continued to fall as traders booked profits to shelter themselves from risky positions as the year-end approaches.
The builder of the world's tallest tower, Emaar Properties, slipped nearly 1.95 per cent to Dh3.52 and Arabtec lost 1.54 per cent to Dh1.92. Deyaar Development, the only property stock to gain in the morning trading session, closed flat at Dh0.30. In Abu Dhabi, Aldar Properties retreated 1.7 per cent to Dh2.26, RAK Properties was flat at Dh0.46, and Sorouh Real Estate slipped 0.6 per cent to Dh1.66.
Confidence in banking stocks was also downbeat. Dubai Islamic Bank was the biggest loser in Dubai as it dropped 0.9 per cent to Dh2.15, and in the capital First Gulf Bank slipped 0.3 per cent to Dh18.55.
The Dubai Financial Market General Index fell 0.8 per cent to 1,629.98 points and the Abu Dhabi Securities Exchange General Index slipped 0.4 per cent to 2,716.08 points.
Elsewhere in the region, Qatar fell 0.5 per cent 8,772.67 points; Oman was down 0.08 per cent to 6,645.55 points; Bahrain gained 0.2 per cent to 1,427.14 points; Kuwait rose 0.6 per cent to 6,827.30 points; and the Saudi Tadawul All-Share Index fell 0.3 per cent to 6,500.27.