x Abu Dhabi, UAEThursday 18 January 2018

Dubai index dips as investors take profits

Dubai's main measure declined at the close yesterday as protests continued in Bahrain, prompting investors to book profits.

Dubai's benchmark dipped lower yesterday as investors booked profits from a week of strong gains.

The Dubai Financial Market (DFM) General Index lost 2.4 per cent to 1,475.15 points.

"It was expected that investors would book profits," said Tariq Qaqish, a fund manager at Al Mal Capital in Dubai. "The measure has had a run-up of 11 per cent since its low on March 6."

Mr Qaqish said "the ongoing issue in Bahrain to maintain order is playing a major role in decision making by investors".

DFM Company, the only listed exchange in the Arab world, lost 3.8 per cent to Dh1.26 in advance of its earnings. Arabtec Holding lost 3.4 per cent to Dh1.42. Ajman Bank was the only gainer with significant volume, adding 1.3 per cent to 75 fils.

The Abu Dhabi Securities Exchange General Index lost 0.9 per cent to 2,629.41 points. Dana Gas was the most actively traded on the Abu Dhabi bourse, losing 1.6 per cent to 61 fils a share.

Aldar Properties, the capital's biggest developer, declined 2.2 per cent to Dh1.33. Sorouh Real Estate lost 2.7 per cent to Dh1.06.

Elsewhere in the region: Kuwait's measure gained 0.1 per cent to 6,406.90; Bahrain's index lost 1.5 per cent to 1,395.06; Oman's benchmark lost 0.2 per cent to 6,400.66; and Qatar's bourse dipped 1.7 per cent to 8,310.05.

The Saudi Tadawul All-Share Index lost 1.2 per cent to 6,230.70.