Dubai skyline
Image Credit: Gulf News Archives

Dubai: Dubai bourse’s main index dropped over 1 per cent on Sunday, erasing most of last week’s gains, weighed down by real estate giant Emaar Development and financial blue-chip stocks.

The Dubai Financial Market (DFM) index closed down 38.6 points at 2,660.16, while Abu Dhabi’s ADX ended down 0.76 per cent at 5,093.56 points.

Emaar Development shares slumped 7 per cent after being dropped out of the MSCI emerging markets index, pushing its real estate peers about 2 per cent lower and the developer’s majority shareholder Emaar Properties down 1.2 per cent.

In Abu Dhabi, the benchmark index fell for a straight third session and closed down 0.7 per cent, with Abu Dhabi Islamic Bank being the biggest drag. The lender fell 3 per cent after it reported lower third-quarter profits, when compared with second-quarter earnings.

Saudi Arabian shares rose sharply, which were helped by gains in financials after Saudi Aramco’s disclosure of its initial public offering (IPO) prospectus.

Analysts had said that local investors could be selling other shares in order to shift investments to the oil producer as shares largely fell after market regulator last week approved the listing of Aramco.

Al Rajhi Bank on the Tadawul rose 1.8 per cent, while petrochemical maker Saudi Basic Industries (Sabic) was up 1.6 per cent.