Dubai stocks slip as investors take profit

Investors booked profit yesterday after UAE stocks surged on Sunday, tracking a global market rally over the weekend.

Emaar Properties, the developer behind the world's tallest tower, lost 1.1 per cent to Dh3.36 a share. Satish Kumar / The National

The Dubai Financial Market (DFM) fell yesterday after rallying the previous day as speculation mounted that the US Federal Reserve may introduce stimulus measures to ease the world's largest economy at a meeting tomorrow and Thursday.

Emaar Properties, the developer behind the world's tallest tower, lost 1.1 per cent to Dh3.36. Drake & Scull International dipped 1.2 per cent to 86 fils. The DFM General Index closed 0.8 per cent lower to 1,557.21.

The benchmark rallied 1 per cent on Sunday, with some stocks up as much as 4 per cent, tracking euphoric gains made in European and US markets over the weekend.

"It was a bit of a slight drop today," said Anastasios Dalgiannakis, the head of trading at Mubasher Financial Services in Dubai. "A small correction in line with a drop internationally. The outlook for UAE equities, however, still remains positive."

As UAE markets headed towards the close, European markets opened lower, while US stock futures indicated the benchmarks would open on a negative note.

The Abu Dhabi Securities Exchange General Index inched 0.1 per cent higher to 2,592.64.

Elsewhere in the region: Kuwait's measure lost 0.6 per cent to 5,850.13; Bahrain's index added 0.2 per cent to 1,076.67; Oman's MSM 30 Index was little changed, down 0.03 per cent, to 5,592.09; Qatar's QE Index added 0.2 per cent to 8,477.76.

The Saudi Tadawul All-Share Index declined 0.33 per cent to 7,072.60.