Emaar falls to another new low

Shares in Dubai recovered ground after the previous session’s sharp sell-off, even as bellwether Emaar Properties fell to a new one-month low.

Shares in Dubai recovered ground on Tuesday after the previous session’s sharp sell-off, even as bellwether Emaar Properties fell to a new one-month low.

Abu Dhabi shares were little changed, with Qatar and Saudi Arabia finishing lower.

The Dubai Financial Market General Index closed up 0.8 per cent at 3,530.59, with DIB shares acting as the main catalyst. The bank’s shares regained ground lost in Tuesday’s sell-off, closing up 2 per cent at Dh5.49. Aramex and DXB Entertainments were the other main big-name gainers, finishing up 7 per cent and 6.1 per cent, respectively.

Emaar Properties meanwhile fell for a second straight day following investor disappointment over dividend payments for 2016, closing 0.4 per cent lower at Dh7.33.

Fellow developers Damac Properties and Union Properties fell 0.4 per cent and 0.7 per cent, respectively.

Shares in Abu Dhabi ended a quiet day virtually unchanged, closing down 0.02 per cent at 4,590.76 owing to a late fall by FGB. The bank’s shares finished 0.7 per cent lower at Dh13.80, with RAK Cement and RAK Properties also falling. UAB shares led gainers, closing up 10.8 per cent at Dh1.85, with the traditionally illiquid stock experiencing its highest one day volume for six months.

Shares in Qatar led losses across the Arabian Gulf for the second consecutive day, finishing down 0.5 per cent, dragged lower by Ooredoo and Doha Bank. Qatari Investors Group led a handful of gainers.

In Saudi Arabia, the Tadawul closed down 0.3 per cent, with losses by Al Rajhi Bank and Emaar Economic City offsetting gains by Almarai and ­Jabal Omar Development.

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