UAE markets fall on Wednesday
UAE markets fell on Wednesday with Dubai's retreat led by real estate and mortgage provider stocks, as investors indulged in profit taking.
Some analysts believe that Dubai's recent gains have put it into an overbought territory and make it susceptible to corrections from time to time.
The Dubai Index is up 56.1 per cent for the year.
On Tuesday, Drake and Scull International had soared to an all time high, gaining 8.41 per cent to Dh1.16, only to drop on Wednesday. It fell 3.45 per cent to Dh1.12. Other real estate stocks to decline included Emaar Properties, which fell 2.90 per cent to Dh5.70 and Union Properties, which retreated 3.37 per cent to Dh0.430. Mortgage provide Tamweel, lost 4.86 per cent to Dh1.37.
Dubai Investments was down 2.14 per cent; Dubai Financial Market eased 3 per cent and Shuaa Capital fell 5 per cent.
The Dubai benchmark stock index closed 1.8 per cent lower at 2,515.45. The majority of the stocks traded fell.
Of the 32 stocks traded yesterday, 24 declined, three increased and five remained flat.
In Abu Dhabi, the index measure was down 0.63 per cent to end at 3,866.79. Of the 33 stocks traded, 17 retreated, 11 advanced and five remained unchanged.
After Tuesdays' announcement of the National Bank of Abu Dhabi's second quarter results, which failed to meet the expectations of analysts, its share price fell 2.63 per cent to Dh12.95. Aldar Properties lost 0.75 per cent o Dh2.64. Etisalat remained flat at Dh11.95.