Dubai index tumbles over 3% as investors pile up cash

Emaar, whose unit’s initial public offering will start on Monday, shed 2.67%

11/09/2014 00:51 AST

Dubai’s benchmark index fell more than 3 per cent on Wednesday, extending losses to their lowest level in three weeks as investors piled up cash for Emaar unit’s initial public offering next week. The Abu Dhabi index fell more than a per cent.

The Dubai Financial Market General Index fell 3.36 per cent to end at 4,912.14, after hitting a low of 4,857.52, a level last seen on August 20. The index shed 0.15 per cent in the previous session.

Among the most active stock on the index was the UAE’s biggest listed builder Arabtec, which shed 9.18 per cent. Emaar, whose unit’s initial public offering will start on Monday, shed 2.67 per cent.

On the index, out of a total of 29 shares traded on the exchange, shares of 26 companies declined, shares of only 2 rose, while shares of the remaining company stayed unchanged.

In Abu Dhabi, the general index ended 1.01 per cent lower at 5,155.99. Out of a total of 34 companies, shares of 4 companies rose, while 6 of them declined and the other 24 remained steady. Abu Dhabi National Co shed the most 6.84 per cent in trade, while Methaq Takaful Insurance declined 5 per cent.


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