Profit-booking drags UAE shares down

Abu Dhabi: Limited profit booking dragged UAE stocks marginally down yesterday with only Dh1.5 billion worth of shares traded.

The Emirates Securities general index fell 0.68 per cent to 5,881.69, while the total value of the listed companies fell by Dh5.5 billion.

In Dubai, the 1.32 per cent worth of losses for the leading share, Emaar Properties, which ended the session at Dh11.25, was mostly responsible for the 0.61 per cent of decline for the general index which stood at 5,482.25 by the close.

Other leading shares ended the session in the red as well, with the exception of Amlak Finance, Emaar's financial arm, which reported an impressive 425 per cent increase in its first quarter's net profit. Amlak advanced by 1.1 per cent to Dh4.58.

Deyaar Development, the real estate arm of Dubai Islamic Bank, was also among the worst hit, plummeting two per cent to Dh2.38.

The general index of Abu Dhabi Securities Market retreated as well by 0.73 per cent to 4,738.06, on account of the heavy losses recorded by the real estate and banking sectors.

Sorouh Real Estate fell by 1.72 per cent to Dh9.16, followed by Aldar Properties which retreated 1.36 per cent to Dh11.00.

Leading telecom operator etisalat was not able to fight the tide as well and dropped 0.72 per cent to Dh20.65.