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DFM tracks regional losses, as ADX recovers

DUBAI - Shares in Dubai dropped on Sunday, tracking regional losses due to profit-taking as investors speculated poor prospects for earnings growth, with Emaar Properties closing at a more than three-year low.

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The Dubai Financial Market (DFM) General Index extended its declines from Thursday with a fall of 0.2 per cent to close at 4,883.15 while the Abu Dhabi Securities Market (ADX) General Index recovered with a gain of 0.9 per cent at 4,496.39 points.

National Cement Co, Gulf General Investments Co, Shuaa Capital and Dubai Investments were among the biggest losers, retreating 3.5 per cent to Dh8.30, 2.8 per cent to Dh9.72, 1.5 per cent to Dh6.04 and 1.4 per cent to Dh3.51 respectively.

"We are witnessing profit-taking, especially in Saudi after the major rally yesterday," said Ali Khan, the head of equity trading at Dubai-based Arqaam Capital Ltd, in a Bloomberg report, referring to the Gulf stock markets. "Foreign investors will divert more and more money to the Saudi market from the rest of the Gulf over the next few days."

Oman's Muscat Securities Market 30 Index plunged 2.1 per cent at 10,245.89 points while Saudi Arabia's Tadawul All Share Index retreated less than 0.1 per cent, ending nine days of advances. The UAE's second-biggest bank by assets, National Bank of Abu Dhabi, jumped 1.7 per cent to Dh18.40 on ADX while First Gulf Bank, the Abu Dhabi's second-largest lender by market value, surged 2.3 per cent to Dh24.10. "We are at the end of the downturn cycle and will be flat at the start of (the holy month) of Ramadan," Fayek said.