Dubai's shares fell yesterday as investors booked profits after a strong rally amid euphoria over Saudi Arabia's upcoming mortgage law.
Yesterday, Emaar Properties fell 1.6 per cent to Dh3.03 on the Dubai Financial Market (DFM) General Index. On Tuesday, Emaar jumped more than 6 per cent as investors speculated that the company's subsidiary in the kingdom, Emaar Economic City, would benefit from expected lending in the property market.
Yesterday, the Sharia-compliant mortgage lender Tamweeladvanced 2.4 per cent to Dh1.26. On Tuesday, Tamweel's shares jumped 5.1 per cent. The DFM General Index declined 0.8 per cent to 1,489.50 yesterday.
"We need more confirmation," said Wadah Al Taha, the chief investment officer at Al Zarooni Group in Dubai. "Investors are also still waiting for the second-quarter results to justify another wave."
The Abu Dhabi developer Aldar Properties rose 0.8 per cent to Dh1.14. Etisalatwas up 0.4 per cent to Dh9.24 after the larger of the country's two telecommunications operators said it had appointed the law firm Solomon & Co for the winding-up of the Etisalat subsidiary in India.
The Abu Dhabi Securities Exchange General Index advanced 0.2 per cent to 2,472.06.
Elsewhere in the region: Kuwait's measure fell 0.5 per cent to 5,859.49; Bahrain's was little changed, up 0.04 per cent at 1,121.86; Oman's MSM 30 Index fell 0.3 per cent to 5,557.57; and Qatar's QE Index fell 0.03 per cent to 8,254.10.
The Saudi Tadawul All-Share Index fell 0.7 per cent to 6,834.77.
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