Dubai:
Emaar Properties shares hit its lowest level in two months, pushing the wider index near its 50 day moving average, as traders preferred to buy Drake and Scull.
Emaar Properties hit a low of Dh8.27, the lowest level since August 28, before closing 2.33 per cent lower at Dh8.37. The stock has shed nearly 5 per cent in the past two sessions.
“I think we saw the continuation of the negative sentiment and disappointment with regards to the listing of only 20 per cent. Investors translating this into potentially a lower than expected special dividend from the Emaar Development IPO proceeds. Emaar Properties, the parent has not done any favours by not declaring the size of the special dividend either. There is uncertainty in terms of the size of special dividend,” said Farid Samji, Head of Asset Management at Daman Investments.
The Dubai Financial Market General index closed 0.70 per cent lower at 3,618.24. Union Properties, Amlak, Shuaa Capital also registered losses.
Gulf Finance House closed 3.47 per cent lower at Dh1.67. Union Properties closed at Dh0.901, down 2 per cent.Dubai Islamic Bank closed 0.66 per cent lower at Dh6.03.
The Abu Dhabi Securities Exchange general index closed flat at 4,498.71.
“The barrier at 4,527 remains strong. The index may fall back towards the lower support zone at 4,461/4,400,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.
“Investors may look to sell and buy back from lower support levels,” Prakash said.
Eshraq Properties closed 3.7 per cent lower at Dh0.78. Methaq Takaful Insurance closed more than 2 per cent lower at Dh0.85. Etisalat closed 0.56 per cent higher at Dh17.92.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 1.2 per cent lower at 6,886.26. The Qatar exchange index closed 0.50 per cent lower at 8,117.41.
