DUBAI – Emaar Properties fell on Monday as the Dubai Financial Market’s General Index ended lower for a first session in five, with worries about unrest in Bahrain and downbeat global sentiment following Japan’s earthquake spurring traders to sell.
Emaar declined 4.8 per cent, easing from Sunday’s three-week high, Arabtec dropped 3.4 per cent and Dubai Financial Market lost 3.8 per cent.
The benchmark index fell 2.5 per cent to 1,475 points as volumes declined by a third from a day earlier and losers outnumber gainers 19 to two.
“What’s going on now is normal technical correction from what we have seen in the last two weeks,” said Samer Al Jaouni, General Manager of Middle East Financial Brokerage Co.
Stocks in Abu Dhabi, home to the bulk of the UAE’s oil reserves, also retreated. Aldar Properties and National Bank of Abu Dhabi dropped 2.2 and 3 per cent, respectively.
Abu Dhabi Stock Exchange’s General Index fell one per cent to 2,629 points.