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UAE shares fall on concern recent gains overdone.

Summary: DUBAI: United Arab Emirates shares fell, sending Dubai's benchmark index to an almost two-week low, on speculation recent gains are overdone and as oil declined for the first time in four days. Qatar's measure advanced. Emaar Properties PJSC, builder of the world's tallest skyscraper, retreated for a third day and Dubai Islamic Bank PJSC

Zahra Hankir

Bloomberg News

DUBAI: United Arab Emirates shares fell, sending Dubai's benchmark index to an almost two-week low, on speculation recent gains are overdone and as oil declined for the first time in four days. Qatar's measure advanced.

Emaar Properties PJSC, builder of the world's tallest skyscraper, retreated for a third day and Dubai Islamic Bank PJSC, the biggest Shariah-compliant lender in the UAE, decreased the most in three weeks. Dubai's DFM General Index slipped 0.7 percent to 1,537.68, the lowest level since March 23, at the 2 p.m. close in the emirate. The measure soared 10 percent in March. Abu Dhabi's ADX General Index fell 0.4 percent, paring the gain in the past month to 2.4 percent.

"There was a strong rally during the last few weeks and as we're seeing nothing major in news flow we have some profit taking today," said Sebastien Henin, who helps oversee $110 million at The National Investor in Abu Dhabi. "Investors don't want to position themselves in the current market just yet."

The 30 companies listed on Dubai's benchmark index are trading at about 21 times reported earnings, according to data compiled by Bloomberg. That compares with about 14 times for the MSCI Emerging Markets Index.

Stocks in the Gulf rallied last month as concern eased that regional unrest would spread to Saudi Arabia, the Arab world's largest economy. The kingdom's Tadawul All Share Index surged 10 percent in March and the Bloomberg GCC 200 Index gained 6 percent.

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Publication:The Daily Star (Beirut, Lebanon)
Geographic Code:7UNIT
Date:Apr 6, 2011
Words:325
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