Profit booking slows Dubai

UAE investors book profits ahead of the weekend.

The Dubai index closed down to 1,605.04 yesterday. Jeffrey E Biteng / The National

Dubai's stock market declined yesterday, weighed down by property stocks, as investors booked profits after a rally this month began to falter.

Emaar Properties fell 1.3 per cent to Dh3.58 on the Dubai Financial Market. Deyaar Development lost 2 per cent to 37 fils.

"This is healthy profit-taking, the market is up approximately 5 per cent since the start of the month and deserves a breather," said Tariq Qaqish, the deputy head of asset management at Al Mal Capital in Dubai.

Drake & Scull International (DSI) gained 0.2 per cent to 84 fils, after the country's second-biggest contractor was awarded a Dh1.31 billion contract to for the construction of a pipeline in Iraq's giant Zubair oilfield. "DSI's share in the overall contract value is 50 per cent," the company said in a statement posted on the Dubai exchange's website.

The Dubai Financial Market General Index closed 0.7 per cent lower at 1,605.04.

Trading was mixed on the Abu Dhabi Securities Exchange General Index, which closed down 0.05 per cent at 2,616.15.

Qatar Telecom, which has a secondary listing in the capital, rose 2.6 per cent to 105.20, while Etisalat fell 0.4 per cent to Dh9.65. Eshraq Properties gained 6.4 per cent to 31 fils, while Sorouh Real Estate fell 1.6 per cent to Dh1.20.

Elsewhere in the region, Kuwait's measure slipped 0.06 per cent to 5,879.82. Bahrain's index added 0.6 per cent to 1,082.82. Oman's MSM 30 Index added 0.02 per cent to 5,603.23. Qatar's QE Index lost 0.06 per cent to 8,599.65.

The Saudi Tadawul was closed for the day.