Dubai’s rally came to an abrupt end on Sunday, with stocks registering their sharpest fall in four weeks.
The Dubai Financial Market General Index ended the day down 2.3 per cent at 4,132.46, as retail investors booked gains after the market’s rally last week.
“Recently we’ve been sitting at the top of the range of the recent rally, and technically it’s now run out of steam,” said Julian Bruce, the head of institutional trading at EFG Hermes in Dubai.
“We’re probably going to see domestic investors continue to take money off the table in the coming days, while foreign accounts will be absent for a few days because of public holidays.”
Blue chip property stocks were among the worst affected in the absence of foreign bids. Arabtec Holding closed 4.73 per cent lower at Dh2.82, while Emaar Properties shed 3.64 per cent at Dh7.94.
In the capital, the Abu Dhabi Securities Exchange General Index started the day on course for its best performance in a week, before erasing gains in the final hour of trading. It closed down 0.11 per cent at 4,641.85.
RAK Properties was among the loss leaders in the capital. Its shares shed 5.33 per cent after the developer revealed a 65 per cent fall in profits for the first quarter.
jeverington@thenational.ae
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision