Aramex was among the only stocks to end the day higher as a bout of profit taking on heavyweight property and banking stocks sent most other shares to new lows.
The Middle East's biggest courier company rose 1.6 per cent to Dh1.91 as traders diversified investment away from shares in companies including Emaar Properties. The developer of the world's largest tower, the Burj Khalifa, said net profit dropped 45 per cent in the first quarter as it handed over fewer new homes than a year earlier.
In the first day of trade since announcing the results, which missed analysts' expectations, its shares fell 2.9 per cent to Dh3.34.
Haissam Arabi, chief executive of asset management company Gulfmena Alternative Investments in Dubai said Emaar's results are missing clarification on provisions or losses related to associated companies, including Amlak the mortgage lender, and its Indian unit.
"I'm not worried about the top line but we are not clear about any provisions or losses booked on associates. We are still waiting on details about that," he said.
The news dragged down shares in other property developers, including Arabtec which traded 4.6 per cent lower to Dh1.44 and Deyaar Developments which fell 4.3 per cent to 31 fils.
After 10 days of consecutive gains, Dubai's market has this week dropped as investors booked profits. The market ended 1.6 per cent lower to 1,638.23 points.
In Abu Dhabi, the market fell 0.8 per cent to 2,690.69 points, with property stocks also being impacted. Sorouh Real Estate fell 2.6 per cent to Dh1.47 and Aldar Properties decreased more than 3 per cent to Dh1.60.
But du, the UAE's second mobile operator, was an early gainer as it said net profit more than doubled on subscriber adds, but ended flat at Dh3.28.
Elsewhere in the region; Qatar's measure slipped 0.5 per cent to 8,458.87 points; Bahrain's index slipped 0.2 per cent to 1,403.15 points; Kuwait's market rose 0.3 per cent to 6,465.60 points and the Muscat index ended 0.3 per cent to 6,325.26 points. Saudi Arabia's Tadawul was trading 0.7 per cent higher at 6,663.29 points.
