Shares in Dubai post the steepest losses among the regional markets, as investors in the emirate book profits from the rally triggered by Dubai World's restructuring news.
Profit-taking trims Dubai shares
DUBAI // Shares in Dubai posted the steepest losses among the regional markets, as investors in the emirate yesterday booked profits from the rally triggered by Dubai World's restructuring news last week. The Dubai Financial Market General Index retreated 2.5 per cent to 1,832.94 after rising by 19 per cent since the beginning of this month. The index heavyweight Emaar Properties led the slide with a loss of 3.6 per cent, while the shares of the Dubai bourse, traded as DFM, lost 4.6 per cent. Emirates NBD dropped 3.8 per cent.
"The mood is still upbeat in the market, but some profit-taking was expected [yesterday]. We expect the market to gain further momentum," said Imran Amjad, a trader on the DFM floor. Aymen el Saheb, the head of operations at Darahem Financial Brokerage, agreed, saying brokers are in the process of closing their books as the end of the quarter approached. "This could be one of the reasons for the sell-off in the market," he said.
In Abu Dhabi, shares sentiment remained positive, as the Abu Dhabi Securities Exchange General Index turned in marginal gains to 2,931.67, helped by banking and financial services stocks. First Gulf Bank advanced 1.7 per cent, followed by Abu Dhabi Commercial Bank and National Bank of Abu Dhabi, up 1.4 and 1.3 per cent, respectively. Elsewhere in the region, Bahrain's main measure climbed 1.1 per cent, followed by Kuwait shares gaining 0.7 per cent.
Both Qatar and Muscat shares declined 0.3 per cent. The Saudi Tadawul All-Shares Index ended the day down 0.38 per cent. firstname.lastname@example.org