Dubai’s stock market fell sharply yesterday as investors booked profits from recent share price gains in Emaar Properties.
The Dubai Financial Market General Index ended down 3.2 per cent at 3,834.56, the steepest fall of the past three weeks.
Shares in Emaar Properties, the developer of the Burj Khalifa, edged 3.5 per cent lower to Dh7.31. Emaar hit its highest levels in a month on Sunday after eporting a 14 per cent increase in fourth quarter profit, despite an 18 per cent decline in property sales for the period.
Other construction and real estate stocks also ended down yesterday. Union Properties closed down 5.9 per cent at Dh1.10, while Arabtec Holding lost 4.3 per cent to Dh3.11.
Sharjah-based Air Arabia fell by 4.3 per cent to Dh3.11.
Meanwhile in the capital, the Abu Dhabi Securities Exchange General Index fell 1 per cent to 4,647.21, its largest fall in more than two weeks.
Dana Gas was one of the index's worst performing stocks, closing down 6.1 per cent at 46 fils, while Eshraq Properties closed down 4.6 per cent at 82 fils.
Elsewhere in the region, Oman’s index rose 0.3 per cent, while Qatar lost 0.6 per cent and Bahrain closed flat.
jeverington@thenational.ae
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