Aramex was among the few regional stocks to end the day higher yesterday as a bout of profit-taking on property and banking stocks sent most other shares lower.
The Middle East's biggest courier company rose 1.6 per cent to Dh1.91 in Dubai as traders diversified away from heavyweights including Emaar Properties.
Emaar said on Sunday net profit dropped 45 per cent in the first quarter compared with the same period last year. Its shares fell 2.9 per cent to Dh3.34 yesterday.
Haissam Arabi, the chief executive of the asset management company Gulfmena Alternative Investments in Dubai, said Emaar's results were lacking clarification on some figures related to associated companies, including Amlak, the mortgage lender, and its Indian unit.
"I'm not worried about the top line but we are not clear about any provisions or losses booked on associates," Mr Arabi said. "We are still waiting on details about that."
The news dragged down shares in other property developers, including Arabtec, which traded 4.6 per cent lower to Dh1.44, and Deyaar Development, which fell 4.3 per cent to 31 fils.
After a 10-day rally, the Dubai Financial Market General Index has dropped this week. It ended 1.6 per cent lower yesterday at 1,638.23.
The Abu Dhabi Securities Exchange General Index fell 0.8 per cent to 2,690.69 points, with property stocks also being affected. Sorouh Real Estate fell 2.6 per cent to Dh1.47 and Aldar Properties lost more than 3 per cent to Dh1.60.
Saudi Arabia's Tadawul All-Share Index finished up 1.07 per cent at 6,684.70 points, its highest since the end of January.
