Dubai property stocks slip, pushing equity index lower
DFM in red after seven straight days of gains, ADX also slips
Dubai: The main index on the Dubai bourse slipped into negative territory after seven straight days of gains, fuelled by declines in property and lending stocks.
The DFM index closed 0.7 per cent lower at 2,768 points, while Abu Dhabi’s ADX ended 0.1 per cent lower at 5,092 points.
At the week’s close, DFM ended up 1.7 per cent, bringing total gains this year to 9.4 per cent. ADX rose 1.1 per cent, adding to this year’s gains of 3.6 per cent.
Emaar Properties dropped 1 per cent and Damac Properties plunged 9.5 per cent, although it was not clear why the stock declined. The real estate benchmark index dipped 1 per cent in heavy trade. However, Emaar Development closed up 2.3 per cent, gaining for a second day.
Dubai Islamic Bank shed 1.8 per cent, a day after gaining on shareholder approval for the acquisition of unlisted Dubai-based Noor Bank. The main lending index slipped 0.7 per cent.
The Abu Dhabi index eased 0.2 per cent, with First Abu Dhabi Bank (FAB) declining 0.4 per cent and telecoms firm Etisalat was down 0.2 per cent.
Saudi’s benchmark index rose 0.1 per cent, with Saudi British Bank rising 1.3 per cent, while Saudi Basic Industries (SABIC) was up 0.6 per cent. Clariant, an affiliate of SABIC, is divesting its subsidiary to US-based PolyOne Corp for $1.6 billion.