Dubai’s equity index fell the most in seven months on Wednesday as investors booked profits. UAE shares have surged 35.7 per cent since November, when the emirate won its bid to host Expo 2020.
"We have some good profit-taking," said Sebastien Henin, the head of asset management at The National Investor, an Abu Dhabi-based investment bank. "When they decided to give rights in November for Dubai to host the Expo, the market was only going in one way. It was too high and too fast."
In Wednesday's session, five stocks fell for every stock that rose. Shuaa, a Dubai-based investment bank, dropped 6.1 per cent to Dh1.06 a share. The Dubai Financial Market Company, the emirate's stock exchange, tumbled 6.6 per cent to Dh2.80 a share.
“There’s a lack of catalysts. Our markets have tripled in 18 months, so a dip is overdue,” said Nabil Rantisi, the managing director of brokerage at Mena Corp, an Abu Dhabi-based investment company. “Come on, stocks went from one to three, from three to nine. I don’t think it’s related to bad news. Price-to-earnings ratios are pretty much high.”
Emaar Properties, the region's biggest developer, declined 3.4 per cent to Dh8.57 a share. Arabtec Holding, the biggest contractor, fell 4.9 per cent to Dh4.66 a share. Union Properties, another developer, fell 5.4 per cent to Dh1.90 a share.
The Dubai Financial Market General Index dropped 3.8 per cent, the biggest one-day price drop since August, to close at 3,935.79 points.
On the Abu Dhabi Securities Exchange, property stocks, banks and financial services firms dragged the equity index lower.
Aldar Properties, the capital's biggest developer, fell 4.8 per cent to Dh2.96 a share. Eshraq Properties, another developer, dropped 6.7 per cent to Dh2.21 a share. Abu Dhabi Commercial Bank, the biggest commercial lender in the emirate, dropped 6.5 per cent Dh6.70 a share.
The Abu Dhabi Securities Exchange General Index closed 2.7 per cent lower at 4,650.17.
halsayegh@thenational.ae
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Jawan
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Japan 30-10 Russia
Tries: Matsushima (3), Labuschange | Golosnitsky
Conversions: Tamura, Matsuda | Kushnarev
Penalties: Tamura (2) | Kushnarev
THE SCORES
Ireland 125 all out
(20 overs; Stirling 72, Mustafa 4-18)
UAE 125 for 5
(17 overs, Mustafa 39, D’Silva 29, Usman 29)
UAE won by five wickets
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DSC Eagles 23 Dubai Hurricanes 36
Eagles
Tries: Bright, O’Driscoll
Cons: Carey 2
Pens: Carey 3
Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Teams
Pakistan: Sarfraz Ahmed (captain), Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shanwari, Hasan Ali, Imad Wasim, Faheem Ashraf.
New Zealand: Kane Williamson (captain), Corey Anderson, Mark Chapman, Lockie Ferguson, Colin de Grandhomme, Adam Milne, Colin Munro, Ajaz Patel, Glenn Phillips, Seth Rance, Tim Seifert, Ish Sodhi, Tim Southee, Ross Taylor.
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Left Bank: Art, Passion and Rebirth of Paris 1940-1950
Agnes Poirer, Bloomsbury
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