Foreigners led selloff in Dubai last week

Dubai: Foreign investors led a selloff on the Dubai bourse last week, when the index fell to a near 10-month trough as global institutions cashed out of regional stocks, official data showed on Saturday.

Investors from outside the Arab region sold Dh1.77 billion ($481.9 million) worth of shares and bought Dh1.17 billion worth of shares in the trading week ended August 14.

Foreigners sold Dh548.54 billion on a net-trading basis, the data showed.

Dubai's bourse, which fell 4.4 per cent last week, hit its lowest level since October on Wednesday before recovering some losses on buying from local investors. A day earlier, Emaar Properties hit a 40-month low after sliding nine per cent in four trading days.

DFM data showed UAE nationals were net buyers in the trading week with Dh548.54 million of trades.