Emaar leads DFM’s sharpest fall in four weeks

Shares of DFM, the bourse operator, fell 4.94 per cent to Dh3.08 each. Pawan Singh / The National

The Dubai Financial Market General Index suffered its sharpest fall in four weeks yesterday, with declines in Emaar Properties and Emaar Malls Group (EMG) driving down the benchmark measure.

The index ended the day down 1.74 per cent at 4,899.62 points. Shares in Emaar Properties fell 2.17 per cent to Dh11.25 each.

EMG shares, which began trading on the bourse last Thursday, were down 0.91 per cent at Dh3.25, 12 per cent above their original listing price.

Shares of DFM, the bourse operator, fell 4.94 per cent to Dh3.08 each.

DP World, the only stock listed on Nasdaq Dubai that was traded yesterday, ended the day down 3.27 per cent at Dh19.25 each, its lowest level since the start of September.

“The falls in prices aren’t related to any bad news,” said Khaldoon Jaradat, a stockbroker at Brokerage House Securities in Dubai.

“It’s just that right now there’s no good news and people – especially retail investors – want to sell. As they start doing so, others also look to sell with a view to buying in later on at a better price.”

The Abu Dhabi Securities Exchange Index ended the day down 0.65 per cent at 5,083.61 points.

Aldar Properties was the most actively traded stock in the capital, ending the day down 3.65 per cent at Dh3.70 each.

Elsewhere in the region, Bahrain’s All Share Index closed down 3.7 per cent at 1,468.69. Markets in Saudi Arabia, Qatar, Kuwait and Oman remained closed for the Eid Al Adha holidays.

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