Dubai shares pull back as property, banks slide 

(MENAFN - Khaleej Times) Dubai shares pulled back on Wednesday, weighed down by property and banks, as investors tracked mixed trading in Asia.

Dubai index mover Emaar Properties fell by 1.6 per cent to Dh4.43. Stock market operator, Dubai Financial Market PJSC, slipped by 1.3 per cent toDh4.43. The Dubai Islamic Bank was down by 1.1 per cent at Dh2.75.

The main index of the Dubai Financial Market finished 1.4 per cent lower at 2,147.21, while the benchmark index of the Abu Dhabi Securities Exchange dipped by a marginal 0.5 per cent to 2,949.69. The absence of major positive catalysts prompted more investors to stick to the sidelines, resulting in thin trade in both bourses, with the combined value of shares traded reaching just Dh566.14 million.

"There is no appetite for shares at current levels. Investors have little to trade on with no news flows," said Marwan Shurrab, vice president and chief trader at Gulfmena Alternative Investments. Arabtec Holding, the country's biggest construction company which is putting the finishing touches on Burj Dubai, the world's tallest skyscraper which is set to open on January 4, edged lower by 0.3 per cent at Dh3.19.

Contractor and engineering company Drake & Scull International, was flat at Dh1.03. The company said on Wednesday it acquired 82 per cent of Passavant-Roediger for Dh145 million, and was eyeing two more acquisitions in Qatar and Kuwait before the end of the year. Dubai-based property developer Deyaar Development fell by 1.4 per cent to Dh0.71, while Union Properties, dropped by 2.1 per cent to Dh0.95.

Banks in Dubai also helped pushed down the index, with the Commercial Bank of Dubai, slipping by 2.6 per cent at Dh3.80. Emirates NBD, the country's largest bank by assets, gave up 2.2 per cent at Dh4.55. In Abu Dhabi, property market leader Aldar Properties lost by 1.9 per cent at Dh5.75. Second-ranked Sorouh Real Estate fell by 2.1 per cent to Dh3.27.

"The consolidation in both bourses will continue as some investors will take profits. Other investors are looking for confirmation and will wait for fourth quarter results," said Shurrab of Gulfmena. "In the meantime, investors will take a defensive attitude and stay on the sidelines with regards to blue chips, and also take guidance from overseas markets."

By Rocel Felix