Dubai bourse weakens in early trade as investors cash out

Shares in Dubai dropped in early trade on Monday as investors cashed out of stocks which have made recent gains, while Saudi Arabia’s stock market was choppy. In Dubai losers outnumbered gainers 14 to six and the index was down 1.0 per cent. Blue-chips Emaar Properties, which has been rising for three session, lost 1.7 […]

Shares in Dubai dropped in early trade on Monday as investors cashed out of stocks which have made recent gains, while Saudi Arabia’s stock market was choppy.

In Dubai losers outnumbered gainers 14 to six and the index was down 1.0 per cent.

Blue-chips Emaar Properties, which has been rising for three session, lost 1.7 per cent, while Dubai Islamic Bank, which was a top gainer on Sunday, dropped 2.2 per cent.

But the 0.6 per cent gain in Etisalat, the largest listed stock and a constituent of the MSCI emerging market index, lent support to Abu Dhabi’s index which was up 0.04 per cent.

Aldar Properties, the largest listed real estate stock by market value in Abu Dhabi, added 0.4 per cent.

In Saudi Arabia the index was being tugged in opposing direction by the two largest sectors by market value.

The banking sector, which was the main laggard on Sunday, added 0.2 per cent with the largest Islamic lender Al Rajhi Bank adding 0.9 per cent.

But petrochemical shares were weak with Saudi Basic Industries, the largest listed stock, down 0.3 per cent.

The index edged up 0.01 per cent after 40 minutes of trade.

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Source: Business

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