Dubai slips but pares some losses

Dubai: Selling pressure on Dubai’s bourse lessens but it closed lower for the day and other regional markets also retreat, taking worries over demand in China and global share losses as cues to book recent gains.

Dubai’s benchmark slipped 0.8 per cent to finish at 2,306 points, down for a third session in the last four since Sunday’s 42-month high. The market fell as low as 2,278 points.

“The correction in our markets was timed well with Bernanke’s comments, which set fire to fears that stimulus may be cut back soon,” says Firass Yaish, business development manager at One Financial Markets. “The fact that the losses aren’t sharp shows that local sentiment is intact and bulls will start racing again.”

The UAE real estate-related stocks were among the main drags. Dubai’s Emaar Properties lost 1 per cent and Union Properties shed 2.8 per cent.

Abu Dhabi-listed Aldar Properties and Sorouh Real Estate each dipped 2.1 per cent. The UAE capital’s index retreated 1.2 per cent to 3,460 points, trimming 2013 gains to 31.5 per cent.

Elsewhere, the Qatari measure declined 0.4 per cent, finishing at 9,049 points, easing off Wednesday’s 28-month high.

Kuwait’s index declined 0.8 per cent to 8,154 points, while Oman’s benchmark slipped 0.2 per cent to 6,364 points.