Dubai: Dubai index fell as much as 2.5 per cent to its lowest level in nearly three weeks on Thursday as investors booked profits ahead of a long weekend. The Abu Dhabi index also ended lower.

The Dubai Financial Market General Index closed 1.68 per cent lower at 4,958.18, after hitting a low of 4,908.75 on Thursday, a level last seen on September 10.

“They were all booking profits before Eid and the ECB (European Central Bank) meet. People wanted to be on the sidelines until things were more clearer,” said Tariq Qaqish, head of asset management, Al Mal Capital, who manages a portfolio of Dh500 million.

Eid Al Adha holidays for the UAE financial markets will begin on Friday, and trading will resume on Tuesday. European Central Bank (ECB) officials will meet later on Thursday, at which the ECB will unveil new plans to revive the flagging Eurozone economy.

On the Dubai index, out of a total of 33 shares traded on the exchange, shares of 19 companies declined, shares of only 9 rose, while shares of the remaining 5 companies stayed unchanged.

Elsewhere in Abu Dhabi, the general index 0.37 per cent lower to end at 5,111.25. Out of a total of 30 companies, shares of four companies rose, while eight of them declined and the other 14 remained steady.

Emaar Malls, which was the most active stock in terms of value, rose as much as 21 per cent on the first day of listing largest since 2007.

Emaar Malls rose to an intra-day high of Dh3.50 per share, before closing at Dh3.25. This compares with a 70 per cent jump in shares of Marka.

“Everyone was too optimistic on Emaar. The street wanted to see a huge jump in share price of Emaar,” said Qaqish. “We would see a slow and steady positive movement in share price going ahead.”

The shares of Emaar Malls were priced at Dh2.90 per share, at the top end of the range, giving a market capitalisation of Dh37.7 billion ($10.3 billion). In total the order book was oversubscribed over 30 times at top end of the range for the institutional tranche and oversubscribed 20 tines for individuals.

Emaar also plans to list its hotel unit in the first half of next year, along with its Egyptian unit, Emaar Misr. Amanat also plans to come out with an initial offering next month.

Atleast two companies of the four with whom the ADX are in discussions with, may get listed on Abu Dhabi this year, its head said last month.