Real estate shares take a beating as banks get favored in Dubai
Traders in Dubai continued to sell their real estate share exposures even as banks were favored. In Abu Dhabi, weaker than expected results led to a lower limit on Waha Capital’s shares.
Emaar Properties, which has the highest weightage on Dubai index, neared its lowest level in 52 weeks, closing 2.68 per cent lower at Dh3.99. Emaar Development closed 3.65 per cent lower at Dh3.43.
“Traders are selling real estate scrips thinking that the results might be weak,” said an analyst who did not wish to be named.
The Dubai Financial Market General index closed 0.56 per cent lower at 2,542.67, with strong pick up by Emirates NBD shares limiting the downside.
Emirates NBD closed 3 per cent higher at Dh10.3, while Gulf Finance House (GFH) was up 0.34 per cent higher at Dh1.07.
“GFH’s trend is gradually turning up with higher targets seen at Dh1.15,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said in a note. FABS had a technical buy at Dh0.93 on January 29.
Dubai Investments closed 4.58 per cent lower at Dh1.25.
It remains to be seen whether the ones who picked up the fallen scrips will be laughing their way to the bank in a couple of years.
(Source: Gulf News)