Property stocks pull Dubai bourse lower

Dubai shares fell yesterday, pulled down by the property sector.

The Dubai Financial Market General Index gained one per cent in the first hour of trading, before gradually declining to end the day down 0.45 per cent at 4,108.74.

Dubai real estate stocks fell, trimming gains recorded on Tuesday.

Union Properties was among the biggest fallers retreating 2.44 per cent to Dh1.20. Damac and Deyaar were not far behind, closing down 1.23 and 1.18 per cent, respectively.

The property consultancy Cluttons said yesterday that the continued weakening of the Dubai residential property market has pushed prices 19.4 per cent below their 2008 peak.

Tabreed, the district cooling company, was the main loser of the day, ending down 3.09 per cent to Dh1.57, followed by Gulf Navigation, which closed down 2.69 per cent to 36.2 fils.

Shuaa Capital, the Dubai-based investment bank, was the pick of the index’s few gainers of the day, ending up 1.43 per cent at 71 fils.

In the capital, the Abu Dhabi Securities Exchange General Index similarly spent most of the day in positive territory before tailing off at the end of the day to close down 0.13 per cent at 4,630.99.

Abu Dhabi Commercial Bank fell 1.99 per cent at Dh7.87. Aldar Properties and Al Waha Capital followed close behind, shedding 1.38 per cent and 1.16 per cent, respectively.

The Qatar Exchange was the best-performing index within the wider region, rising 0.52 per cent to 12,522.30. Saudi Arabia’s Tadawul ended down 0.81 per cent at 9,731.30 following losses in Sabic and Al Rajhi Bank. The Bahrain Bourse All Share Index declined 0.65 per cent at 1,379.82, while the Muscat Securities MSM 30 Index rose 0.32 per cent to 6,405.64.

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