x Abu Dhabi, UAEFriday 21 July 2017

Dubai bourse stands corrected after climb

Dubai shares took a breather yesterday after a steady three-week climb in which they gained more than 13 per cent.

Emaar Properties fell 2.8 per cent to Dh3.73.
Emaar Properties fell 2.8 per cent to Dh3.73.

Dubai shares took a breather yesterday after a steady three-week climb in which they gained more than 13 per cent. "This is a normal correction, in line with the performance we've been seeing since the beginning of the month," said Marwan Shurrab, the vice president and chief trader at Gulfmena Alternative Investments in Dubai. "We have to remember that Dubai was the best-performing market in the month of September for the region."

The Dubai Financial Market General Index lost 1.6 per cent to 1,673.69. It is still down more than 22 per cent in the past 12 months. The losses yesterday were led by Emaar Properties, the developer of the world's tallest tower. Emaar shares fell 2.8 per cent to Dh3.73. Emirates NBD, Dubai's biggest lender, lost 1 per cent to Dh2.85 a share. The bourse's shares dropped 2.7 per cent to Dh1.75. The Abu Dhabi Securities Exchange General Index dropped 0.2 per cent to 2,631.09, with the losses led by Aldar Properties.

The developer of Yas Island fell 0.7 per cent to Dh2.52. Dana Gas dropped 1.1 per cent to 85 fils a share. Sorouh Real Estate, Abu Dhabi's second-biggest developer, lost 1.1 per cent to Dh1.78. Elsewhere in the region, Kuwait's measure added 0.3 per cent to 6,845.30 and Bahrain's index gained 0.2 per cent to 1,440.59. Oman's bourse rose 0.6 per cent to 6,462.26 and Qatar's measure remained unchanged at 7,636.67.

The Saudi Tadawul All-Share Index ended its trading week 0.2 per cent higher at 6,434.90. halsayegh@thenational.ae