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Profit taking hits Dubai stocks |
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8/17/2006 9:25:30 AM |
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Profit taking hit Dubai stocks on Wednesday, snapping a rally inspired by the truce in Lebanon. Market leader Emaar Properties dropped nearly 1 per cent in thin trade.
The benchmark Dubai index (DSI) slipped 0.34 percent to 415.92 points. Abu Dhabi's index (ADI) gained 0.38 per cent to 3,472.53 points.
“We saw mild profit taking today,” said a fund manager in Dubai. “Dubai’s market has been strong over the past few days and the near-term outlook is still positive.”
Emaar, which had gained around 4 percent since a ceasefire in Lebanon on Monday, fell 0.85 per cent to 11.70 dirhams.
“We passed critical levels at 11.40 dirhams and 11.50 dirhams,” the fund manager said. “The next key level will be 12 dirhams.”
Dubai’s market has fallen nearly 60 percent this year after rising 132 per cent last year during an equity market boom in the Gulf Arab region.
Both turnover and volume fell more than 70 per cent in Dubai to 196.8 million dirhams and 25.1 million shares respectively.
Shuaa Capital was among the few gainers in Dubai, rising 1.12 per cent to 4.53 dirhams. The investment bank won regulatory approval for a 10 percent share buyback earlier this month, which analysts said has been helping to buoy the share price. |
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