(MENAFN - Khaleej Times) Shares retreated the most in three weeks on monday on dubai bourse as selling pressure continued to take its toll on market heavyweights.
investors at dubai financial market. real estate and construction companies continued to fall on monday and dragged the main index down to 4771.10 points. — kt photo
the benchmark dfm general index the world’s best performing measure in 2013 tumbled 4.1 per cent to 4771.10 points at the close on monday as real estate and construction companies continued to fall.
the biggest listed building contractor arabtec holding co which fell by 9.67 per cent to dh5.42 led the retreat involving 29 stocks in a day that saw transaction volumes crossing 465 million valued at dh1.67 billion.
union properties lost 4.78 per cent to close at dh2.19 followed by emaar the company with the largest weighting on the index shedding 3.72 per cent to close at dh9.58. other losers include drake & scull international dfm and dubai islamic bank.
monday’s fall was in the wake of a dive that saw the index breaking the 5000 level on sunday as the uae central bank warned of prospects of property market overheating. the central bank pointed out that the market appeared imbalanced with rental yields in dubai and abu dhabi falling below historical averages as real estate prices rose.
“due to the high profits that people have been able to generate over the past year you may see continuous selling pressure on the market” mohammed ali yasin managing director of nbad securities was quoted by bloomberg as saying.
“breaking the 5000 level yesterday was a negative signal” and there could be support at 4750 he said.