x Abu Dhabi, UAETuesday 25 July 2017

Sales drop from Emaar pulls UAE bourses down

Markets Update: Markets were subject to some profit taking at the open after a detailed report from Emaar Properties caused nervousness among investors about Dubai's property sector - with video.

Investors booked profits at the open after a filing from Emaar Properties said revenue from apartment sales declined 81 per cent and villa sales 50 per cent in the first quarter amid weak property demand.

The Dubai Financial Market General Index was down 0.3 per cent to 1,591.26 points, while Emaar Properties declined on 0.9 per cent to Dh3.17 a share.

Income from apartment sales fell to Dh375 million and from villas to Dh60 million, according to Emaar's earnings statement posted on the Dubai bourse today.

Emaar reported first-quarter earnings on April 24 and provided its full financial statements today.

On the Nasdaq Dubai, DP World was down 2.9 per cent to 87.5 cents a share.

In the capital, the Abu Dhabi Securities Exchange General Index was little changed at 2,668.53 points.

Elsewhere in the region, Kuwait's measure lost 0.4 per cent to 6471.90. Bahrain's index was unchanged at 1383.18. Oman's benchmark was also unchanged at 6152.81. Qatar's index 0.4 per cent to 8671.90. The Saudi Tadawul All-Share Index dipped 0.1 per cent to 6713.63.