UAE shares fall on profit taking

Dubai: UAE shares fell on Monday, a day after Dubai benchmark measure rose to the highest level since November 2008, as investors booked profits in what was still a high volume trading session.

Among the stocks to decline were Deyaar Development and Union Properties, which had surged on Sunday to new highs. Deyaar was down 2.10 per cent and Union Properties slid 0.96 per cent.

The total volume of shares exchanging hands stood at 1.51 billion, up from 1.42 billion, with the turnover at Dh1.48 billion. Majority of stocks declined. Of the 27 stocks traded, 18 retreated, seven advanced and two remained unchanged.

The DFM General Index closed 0.23 per cent lower at 2741.89.

Abu Dhabi’s ADX General Index dropped 0.66 per cent to 3933.20, led by real estate and telecom stocks.

In the capital’s bourse, volume traded plummeted more than 50 per cent to 150.42 million shares, which were valued at Dh245.63 million.

Of the 33 stocks, 17 slipped and 16 stocks were equally split between those that advanced and remained flat.

Among the losers were Aldar Properties, down 1.75 per cent, Rak Properties, slumping 4.48 per cent, Rakbank, declining 4.67 per cent, and National Bank of Abu Dhabi, falling 2.50 per cent. Dana Gas and Waha Capital were among the ones which remained unchanged from the previous day’s price.

Finance House was the biggest gainer, adding 5.11 per cent.