Investors booked profits on the Dubai Financial Market, ending the week on a down note after a rally that has brought more than 25 per cent gains since the start of the year.
Investors pause to count profits
Investors booked profits on the Dubai Financial Market (DFM) yesterday, ending the week on a down note after a rally that has brought more than 25 per cent gains since the start of the year.
Emaar Properties, one of the region's biggest developers, added 2.8 per cent to Dh3.07 a share. The DFM General Index lost 1.6 per cent to 1,702.10. The index has risen 25.7 per cent since January 2.
"This market has had a lot of profit and what we saw today was profit-taking," said Anastasios Dalgiannakis, the head of institutional trading at Mubasher Financial Services in Dubai.
Aldar Properties slumped 2.4 per cent to Dh1.18 after the outlook for Abu Dhabi's biggest developer was upgraded to "positive" from "negative" by the ratings agency Moody's Investors Service.
"The decision to change the outlook to positive reflects the elimination of significant market and execution risk for Aldar further to the company's asset transaction agreements with the Government of Abu Dhabi in December," Moody's said.
The Abu Dhabi Securities Exchange General Index rose 0.4 per cent to 2,622.99, led by banking stocks.
National Bank of Abu Dhabi, the UAE's second-biggest lender by assets, rose 1.7 per cent to Dh11.60. First Gulf Bank, the lender controlled by Abu Dhabi, jumped 6.2 per cent to Dh21.40.
Elsewhere in the region: Kuwait's measure gained 0.1 per cent to 6,133.60; Bahrain's index was little changed at 1,147.99; Oman's index was also little changed at 5,841.80. Qatar's QE Index also showed little movement at 8,738.88. The Saudi Tadawul All-Share Index was closed for the day.