Day's trading is a tale of two property stocks on Dubai bourse

Market Wrap: Fund managers concentrate on two Dubai property related stocks amid lacklustre volumes - with video.

How the Abu Dhabi bourse closed on May 15, 2011

It was a tale of two property stocks on the Dubai Financial Market as investors exited their positions ahead of the summer holiday.

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Last Updated: May 15, 2011

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"Its lack-lustre trading, there is no overriding sentiment at the moment with a little bit of profit taking going into the summer," said Saleem Khokhar, a fund manager at National Bank of Abu Dhabi.

Emaar Properties declined 1.5 per cent after the Dubai developer said revenue from apartment sales fell 81 per cent and villa sales 50 per cent in the first quarter amid weak property demand. Shares in Emaar closed at Dh3.17 a share at 2pm.

Tamweel, the top traded stock on the Dubai bourse with more than 45 million shares changing hands, declined 0.7 per cent. Shares in the Islamic mortgage financing company rose to a high of 89 fils before closing at 84 fils.

Dubai's main benchmark, the Dubai Financial Market General Index lost 0.7 per cent to 1585.45 points.

In the capital, the Abu Dhabi Securities Exchange General Index was down 0.6 per cent to 2655.10 points.

Elsewhere in the region, Kuwait's measure lost 0.9 per cent to 6441.00. Bahrain's index was unchanged at 1382.90. Oman's index lost 0.1 per cent to 6152.04. Qatar's benchmark lost 0.5 per cent to 8666.65. The Saudi Tadawul All-Share Index was up 0.1 per cent to 6726.21.