ADB |

Al Nokhitha Fund NAV (07/09/10)

AED 3.961, up 1.392% from 06/09/10

ADCB MSCI UAE Index Fund NAV (07/09/10)

AED 4.176, up 1.532% from 06/09/10

ADCB MSCI Arabian Markets Fund NAV (07/09/10)

USD 5.380, up 0.065% from 06/09/10

Al Basha'er Fund NAV (31/08/10)

USD 6.904 , down 0.534% from 31/07/10

UAE stock markets decline on profit booking

31 March 2009

UAE markets fell on Monday, dragged down by investors booking profits amid a sideways-downward trend. The Dubai benchmark fell 1.64 per cent to close at 1,578.39. The Abu Dhabi Securities Exchange Index declined 0.47 per cent to 2,533.77.

In Dubai, Emaar Properties declined 3.93 per cent to Dh2.20, Arabtec Construction dropped 2.94 per cent to Dh1.65 and, in the capital, Aldar Properties and Sorouh Real Estate lost 4.38 per cent to Dh2.62 and 3.91 per cent to Dh2.21 respectively.

"Decline in stocks such as Emaar is because of profit taking by investors," said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage. "With the share prices having moved up from a low of Dh1.90 to Dh2.40, there will be some profit taking until it gets back to Dh1.90 again. Overall, there may be some spikes, but the trend is going to be sideways-down, which I think will continue until the end of the first half of the year."