Emaar shares tumble in Dubai trading

Shares of Emaar listed on the Dubai Financial Market fell 7.4 per cent to Dh8.83. Traded value on Emaar’s shares exceeded Dh636 million.

Emaar Properties tumbled in trading yesterday as investors looked to deploy money into dividend-yielding stocks.

Shares of Emaar listed on the Dubai Financial Market fell 7.4 per cent to Dh8.83. Traded value on Emaar’s shares exceeded Dh636 million.

“Emaar is having a delayed reaction to the recent drop in stock prices,” said Nabil Farhat, a partner at Al Fajer Securities.

The declines “in prices of blue chips offered investors for the medium to long term better yield on their dividends,” he said.

UAE shares declined at the start of the week after oil prices dipped below US$70 a barrel.

Investors yesterday bought into banks and telecoms operators that were perceived to offer good dividends, Mr Farhat said.

Dubai Islamic Bank, the emirate’s biggest Sharia-compliant lender, jumped 2.9 per cent to Dh7.10 a share.

Investors also bought positions in Abu Dhabi lenders.

Abu Dhabi Commercial Bank jumped 5.5 per cent to Dh7.03. Abu Dhabi Islamic Bank advanced 3.2 per cent to Dh5.99. FGB inched 0.6 per cent higher to Dh18.15. Etisalat gained 0.4 per cent to Dh11.45.

The Dubai Financial Market General Index slipped 0.3 per cent to 4,171.15 points, while the Abu Dhabi Securities Exchange General Index gained 1.7 per cent to 4,746.50 on low volumes.

Traded value stood at Dh301.8 million in Abu Dhabi versus Dh1.19 billion in Dubai.

halsayegh@thenational.ae

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Published: December 4, 2014 04:00 AM

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