Dubai: The selling intensity on the Dubai bourse is increasing by the day.
Emaar Properties hit its lowest level in thirty three months after reports that its unit wants to sell its 5 hotels including the Address Hotel among others, triggered another bout of selling in other stocks in Dubai.
Emaar Properties hit a low of Dh4.57, its lowest level since February 2016, before closing 3.57 per cent lower at Dh4.59. Analysts suggest that margin calls may get triggered if the stock falls more.
Emaar Properties said it is divesting its “entire economic interest” in at least five of its hotels in Dubai to Abu Dhabi National Hotels (ADNH), the company behind a number of hospitality properties in the UAE capital.
In other stocks, Dubai Entertainments closed more than 4 per cent lower at Dh0.300. “DXB Entertainment shares may drop towards Dh0.26 in the short term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note. Gulf Finance House closed at Dh1.110, down 4 per cent. Dubai Islamic Bank shares rose more than one per cent at Dh5.30. Salama Insurance closed more than half a per cent lower at Dh0.548.
The Abu Dhabi Securities Exchange general index closed 0.23 per cent lower at 4,960.04. First Abu Dhabi Bank closed 0.41 per cent lower at Dh14.4.
Dana Gas closed 0.44 per cent lower at Dh0.96. Etisalat closed 0.58 per cent higher at Dh17.20. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index gained pace in the final hour of trade due to buying in energy shares. The Tadawul index closed 0.59 per cent higher at 7,573.48.
The Muscat MSM 30 index closed 0.14 per cent lower at 4,386.87. The Qatar exchange index closed flat at 10,355.67. The Kuwait all share index closed 0.48 per cent higher at 5,120.33. The Bahrain index closed at 1,320.33, down 0.49 per cent.
In the Middle East, the Egyptian EGX 30 index closed 1.26 per cent higher at 13213.95.