Dubai shares fell on Monday, prompted by a plunge in first-quarter income at Union Properties.
The Dubai-based developer’s shares suffered their worst day of the year so far, closing down 9.7 per cent at Dh1.21, after reporting an 84 per cent fall in profits for the first quarter.
UP’s woes affected other real estate stocks, with shares in Arabtec Holding and Damac Properties falling 4.78 per cent and 2.54 per cent respectively.
The Dubai Financial Market General Index ended the day down 1.83 per cent at 4,071.58.
Tabreed was also among the main losers as investors booked gains after the stock’s price rose by more than 25 per cent in the previous two days’ trading. The district cooling company’s shares ended down 6.54 per cent at Dh1.43.
Shares in the capital, meanwhile, fared a little better. The Abu Dhabi Securities Exchange General Index ended up 0.26 per cent at 4,587.62.
Abu Dhabi Ship Building was the index’s lead gainer, closing up 14.46 per cent at Dh1.90, after the company reported profit of Dh41.7 million for the first quarter, compared with a loss of Dh6.5m a year ago.
But Union Properties’ woes also affected Abu Dhabi-based real estate stocks, with Arkan Building Materials, Ras Al Khaimah Cement and Eshraq Properties all closing heavily down.
jeverington@thenational.ae
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