Bourses in the UAE fell in trading yesterday as investors booked profits after an aggressive bull run on the Abu Dhabi Securities Exchange and Dubai Financial Market.
"The market has been very strong in the last two months," said Marwan Shurrab, a fund manager at Gulfmena Investments, an asset manager in Dubai. "Profit-taking is very healthy and allows the market to take a breather."
Aldar Properties, the developer behind Yas Island, lost 0.6 per cent to Dh1.55. Sorouh, which developed Reem Island's Sun and Sky Towers, fell 2 per cent to Dh1.88. Dana Gas, the Sharjah-based explorer and producer, declined 1.9 per cent to 50 fils.
The Abu Dhabi Securities Exchange General Index fell 0.9 per cent, the biggest one-day price drop since December 11, to 3,004.79. Abu Dhabi's index has risen 14.2 per cent since the start of the year.
On the Dubai Financial Market General Index, Emaar Properties fell 2.8 per cent to Dh5.14 after the developer's dividend announcement failed to excite investors. Emaar suggested a cash dividend of 10 fils, maintaining the same level for the last two years. The dividend was lower than market expectations, said Mr Shurrab.
Arabtec Holding, the big contracting company, declined 2.3 per cent to Dh2.98. Tabreed fell a further 3 per cent yesterday, adding to losses of 4.7 per cent on Monday, amid dilution worries from equity investors after the district cooling company said it would issue convertible bonds.
The DFM closed 0.9 per cent lower to 1,925.20. Dubai's benchmark has gained 18.6 per cent since the start of the year. "Dubai's benchmark should consolidate around 1,850 to 1,900, until the next round of annual general assembly meetings take place - the next coming catalyst," said Mr Shurrab.
In Saudi Arabia, the Tadawul All Share Index dipped 0.77 per cent to 6,988.19.
halsayegh@thenational.ae
Analysis
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The five pillars of Islam
