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Shares Drop on Selling Pressure
DUBAI - Dubai shares fell on Wednesday, led by Emaar Properties after investors locked in profits following the previous session’s strong rally. The Dubai Financial Market benchmark index gave back some of its gains, ending 1.93 per cent lower at 1,591.00.
The index, which surged 4.13 per cent on Tuesday to post its biggest one-day gain in a month, was weighed down by selling pressure in real estate and banks.
At NASDAQ Dubai, shares of DP World, one of the world’s largest container port operators, jumped 8.7 per cent to $0.25. The company said its 2008 net profit jumped 48 per cent to $621 million, but it had a cautious outlook, saying that recent declines in volume would ease anytime soon. The main index of the Abu Dhabi Securities Exchange weathered profit-taking pressure for a marginal gain of 0.11 per cent at 2,536.47.
“The momentum building in the last few sessions now looks to be at a crossroads. We need further positive direction from global markets to hold these levels and push higher,” said Matthew Wakeman, managing director of cash-and-equity-linked trading at EFG-Hermes. An uptick in the last hour of trading indicated there continues to be an appetite for risks, said Samer Al-Jaouni, general manager of Middle East Financial Brokerage Co.
“Profit-taking was expected, but the selling was reasonable in Dubai. Investors just wanted to take profits ahead of the weekend,” said Al-Jaouni.
Real estate stocks in Dubai dropped 3.91 per cent led by Emaar Properties which shrank 4.54 per cent to Dh2.31. Union Properties fell 2.85 per cent to Dh0.68, while Deyaar Development shed 2 per cent at Dh0.49.
Construction giant Arabtec Holding which is building the world’s tallest skyscraper in Dubai, dropped 2.84 per cent to Dh1.71.
Banks also retreated, paced by Dubai Islamic Bank which gave up about a third of its gains in the previous session to finish 3.22 per cent lower at Dh2.70. The Emirates NBD shed 0.64 per cent at Dh3.10.
Engineering and construction contractor Drake & Scull International, slipped 2.85 per cent to Dh0.68.
In Abu Dhabi, First Gulf Bank rose on residual buying, adding 7.65 per cent at Dh9.35. Aldar Properties edged up 2.91 per cent to Dh2.81.
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