Market Wrap: Dubai shares fell to the lowest in more than a month as investors booked profits amid a lack of catalysts. International markets weakened ahead of a meeting with euro finance in Brussels today to discuss Greece's debt.
UAE bourses in need of a catalyst
Dubai shares dropped to the lowest level in more than a month as investors booked profits amid a lack of catalysts.
Emaar Properties, the region's biggest developer, lost 2.2 per cent to Dh3.10. Aramex, the largest courier company in the region, fell the most in a week.
The Dubai Financial Market General Index declined 1.4 per cent to 1562.58 points, the lowest since April 10.
"It seems there's a risk aversion beginning to creep in and profit taking setting in," said Saleem Khokhar, a fund manager at National Bank of Abu Dhabi. "The catalysts are becoming fewer and fewer," he added.
In the capital, Aldar Properties, the emirate's biggest developer, was down 2 per cent to Dh1.42 a share. Dana Gas, a gas explorer and producer, declined 1.4 per cent to 66 fils. The Abu Dhabi Securities Exchange General Index was down 0.5 per cent to 2641.23 points.
International markets retreated as Greece was expected to plead for a boost in its 110 billion euro financial lifeline from European governments and the International Monetary Fund today in Brussels.
The MSCI Emerging Markets Index lost 0.2 per cent to 1,144.69 points and futures on the Standard & Poor's 500 Index expiring in June declined 0.3 per cent to 1329.50. Crude oil for June delivery slid as much as 1.1 per cent to $98.53 a barrel on the New York Mercantile Exchange.
Elsewhere in the region, Kuwait's measure added 0.4 per cent to 6468.50. Bahrain's index lost 0.4 per cent to 1377.41. Oman's measure lost 0.2 per cent to 6134.06. Qatar's benchmark added 0.1 per cent to 8680.55. The Saudi Tadawul All-Share Index lost 0.9 per cent to 6627.69.