Impressive results posted by UAE real estate giant Emaar Properties failed to boost the country's stocks as investors intensified profit booking on Sunday.
Instead, both the Dubai benchmark index and the Abu Dhabi general index fell, according to Gulf News. The Dubai's benchmark index dropped by 1.7 per cent to 429.73 points while Abu Dhabi's general index fell nearly 1 per cent to 3485.68 points.
"The reported profits for Emaar were expected, a fact that justifies the rally last week,” said Rami Sidani, senior associate at Shuaa Asset Management, “hence the 'buy on rumors and sell on news' principle applied, where we find many investors aiming for profit booking today,” he added.
All the traded shares were in the red by the day’s end in Dubai with the exception of Mazaya which advanced 1.28 per cent to Dh7.90.
"However, it is expected that the markets will pick up strongly after the holidays, especially Emaar, given the strong third quarter results, and the expected record annual profits by the year-end.”
"The record (Emaar) revenues of Dh3.3 billion in the third quarter prove that the real estate market is quite healthy and is not slowing down as many keep repeating," he went on to point out.
