Dubai tumbles from 16-month high

07/03/2012 08:46 AST

Dubai’s bourse dropped from a 16-month high on profit-taking yesterday after a rally, while Egyptian shares rose to an eight-month high on foreign and local buying, and other Gulf markets were mixed.

Dubai’s index dropped 3.7%, down from Sunday’s 16-month closing high. Some analysts had expected a correction after the region’s sharpest rally this year.

Bellwether Emaar Properties dipped 3%, Dubai Financial Market fell 6.5% and Deyaar Development slumped 9.2%.

Foreign and institutional buying of blue-chip shares pushed Egypt’s main index to a new eight-month high, with real estate companies still drawing much of the interest.

The measure gained 1.6% to 5,429 points.

In Saudi Arabia, petrochemicals stocks led the index up 0.6%. It rose for a 14th-consecutive session in its longest winning streak in more than five years.

Saudi Kayan Petrochemical jumped 5.5%, Nama Chemicals rose 3.8% and Bellwether Saudi Basic Industries Corp (Sabic) added 0.7%.

Abu Dhabi’s index fell 0.6 on profit-taking after hitting a seven-month high on Sunday, with First Gulf Bank down 1.2%, Sorouh Real Estate slipping 5.5% and Aldar Properties shedding 4.7%.

Elsewhere in the Gulf, Kuwait’s measure gained 0.4% to 6,228 points; Oman’s index eased 0.07% to 5,865 points and Bahrain’s measure climbed 0.4% to 1,157 points.


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