Tamweel, Emaar drop on bourses
Shares of UAE Islamic mortgage lender Tamweel which reported big gains over the course of last week, was down 3.8 per cent on Tuesday, while property giant Emaar closed down at Dh 13.70, representing a 2.4 per cent drop.
The downward trend was also felt in other key market players, including Amlak and Arabtec, which lost 2.8 per cent each, Aramex and du were down 3.3 per cent and 4.6 per cent, respectively, according o Khaleej Times.
Both markets traded some 199 million shares worth Dh1.38 billion, while specifically, the Dubai Financial Market, the DFM, reported across the board drops in share prices, slipping for the fourth consecutive day on profit taking by day traders and a few funds closing 2.3 per cent down to 428 yesterday. The DFM gained about 20 per cent from July end but lost some of the gains since the second week of this month.
Despite the falls, experts maintain that the trend should not cause any alarm, and that it is simply a matter of normal price adjustment.
“There is nothing unusual about the profit taking happening on the market. The volumes are still high which means that investors are willing to trade and we expect them to accumulate during the days ahead,” stated one broker.