Dubai stocks plunged in the trade with its benchmark index shedding he most in a month as investors increased funds ahead of next week’s Emaar Properties opening of subscriptions for the mall unit shares. Qatari stocks declined as well.
The Dubai Financial Market General Index shed 1.7% to 5,034.95, the biggest lost of the index in a month. Qatar’s QE Index also fell, losing 0.7% to 13,882.49.
In Dubai, Emaar paced the retreat, slippin by 1.3%, as it declined for a second consecutive day while the Dubai Islamic Bank plunged 2.4%, its biggest drop in more than a month. In Qatar, Industries Qatar dragged the QE Index as it shed 2.1%.
Head of institutional trade at Mena Corp. Financial Services, Hisham Khairy, commented to Bloomberg that the market is profit taking but not an extensive kind of profit taking, as some investors get ready for the Emaar Mall’s share sale. Khairy adds that the market was already selling prior to the subscription dates announcement.
The material has been provided by InstaForex Company - www.instaforex.com
For more prime news and info visit via Dubai, Qatar stocks fall ahead of Emaar Malls share sale . Thanks for your support.
No comments:
Post a Comment