Property stocks weigh down Dubai market

Markets: UAE investors avoid riskier assets after an aggressive rise earlier this week, while the Abu Dhabi Securities Exchange General Index slips 0.4 per cent to 2614.28 points.

Dubai's stock market declined this morning, weighed by property stocks, as investors avoided riskier assets after an aggressive rise earlier this week.

Emaar Properties, the developer behind the world's tallest skyscraper, slipped 0.2 per cent to Dh3.55. Drake & Scull, the emirate's second biggest contractor, fell 1.8 per cent to 83 fils. Tabreed, the district cooling company, lost 1.5 per cent to Dh1.27.

The Dubai Financial Market General Index lost 0.3 per cent to 1584.15 points.

On the Abu Dhabi Securities Exchange, National Bank of Umm Al Qaiwain fell 3.03 per cent to Dh1.60. Aldar Properties, the developer behind Yas Island and Ferrari World, dropped 2.3 per cent to Dh1.25. Sorouh Real Estate, the developer behind Reem Island's Sun&Sky Towers, lost 1.6 per cent to Dh1.20. The Abu Dhabi Securities Exchange General Index slipped 0.4 per cent to 2614.28 points.

"Profit taking is expected after such a strong rally," said Marwan Shurrab, the chief trader at asset-manager Gulfmena Investments in Dubai. "Abu Dhabi's index is above the most recent high we touched in mid-august. The market has been performing really well, there is no reason to get scared."

Abu Dhabi's stocks have offered an 8.7 per cent return to its investors so far this year, while Dubai has offered 17.05 per cent in the same period.

Elsewhere in the region, Kuwait's measure was up 0.01 per cent to 5800.28. Bahrain's index was unchanged at 1076.07 points. Oman's MSM 30 Index slipped 0.03 per cent to 5617.38 points. Qatar's QE Index added 0.1 per cent to 8625.74 points. The Saudi Tadawul All-Share Index slipped 0.1 per cent to 7141.