Dubai at two-week low as Arabtec selling resumes

Dubai: Dubai's stock market index gave up early gains Tuesday slip to a two-week low as selling resumes in Arabtec and other property-related names.

Arabtec fell 1.5 per cent, Emaar Properties dropped 1.5 per cent and Dubai Islamic Bank lost 1.3 per cent in the morning.

“The lead from Saudi banks was negative, Asia was weaker and oil has slipped below $82 a barrel, so a flat to negative day is to be expected,” says Ian Munro, MAC Capital head of research.

“We’re expecting the selling pressure in Arabtec to stabilise a little bit and for the market to tread water for the next couple of weeks as Q4 results come out.”

A handful of Saudi Arabia banks have reported fourth-quarter earnings, with these figures coming below-forecast.

The index falls 0.9 per cent to 1,787 points, picking up slightly from an intraday low of 1,783 points, its lowest level since Decembe 30.

Oil slid further to below $82 a barrel on Tuesday from 15-month highs a day earlier, as forecasts showing milder temperatures in the US Northeast signalled lower fuel consumption in the world's largest heating oil market.