Emaar drags down Dubai bourse

Dubai shares recorded their sharpest one-day fall in more than 10 weeks yesterday as a lack of positive stimuli dragged down equities.

The emirate’s headline index was the worst performer of 93 global indexes tracked by Bloomberg.

The index shed 2.7 per cent at 3,426.74, weighed down by Emaar Properties. The developer’s shares closed down 4.9 per cent at Dh6.30, the steepest one-day fall since September.

“We’ve been seeing the same pattern since August, where markets can’t hold their gains and struggle to find any positive momentum,” said Muhammad Shabbir, the head of equity funds and portfolios at Rasmala Investment Bank in Dubai.

“People are hoping that an improvement on the macro-economic front will come to the rescue, but in the climate we’re in that seems very unlikely, so we’re seeing interest in the markets waning day by day.”

Amlak Finance was one of a handful of gainers in Dubai, closing up 1.1 per cent at Dh1.74, the day after the Sharia-compliant lender announced a third-quarter profit of Dh55.5 million, compared with Dh6.1m in the same period last year.

Shares in Abu Dhabi, meanwhile, closed at their lowest level of the year, down 1.3 per cent at 4,263.63.

ADCB and Aldar Properties fell 4.4 and 3.2 per cent, respectively.


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