Another black day for real estate shares

DUBAI SHARES: Real estate companies continue to struggle. (Getty Images)

Shares of Emaar Properties closed at their lowest level since April 2005 as real estate shares in the UAE fall on continued concerns about a crackdown in corruption and speculation.

The stock ended 1.42 percent lower at 9 dirhams as Dubai's main index slid 2.38 percent to 4,706.25 points.

The stock fell to as low as 8.95 dirhams during the session.

Union Properties ended 3.8 percent lower while Deyaar declined 2.14 percent.

Emirates NBD, the UAE's biggest bank by assets, led the decliners, falling 4.5 percent.

In Abu Dhabi, financial and property shares weighed on the main index which slipped 2.18 percent to 4,365.48 points.

National Bank of Abu Dhabi declined 4.4 percent and Aldar Properties fell 5.74 percent.

Industries Qatar and Qatar Gas Transport Co <QGTS.QA> (Nakilat) fell 5.06 percent and 4.95 percent respectively as the country's main index ended 2.85 percent lower at 10,397.30 points.

In Kuwait, Kuwait Finance House fell 2.22 percent and National Industries Group 3.51 percent as the index shedded 0.31 percent to 14,520.40 points.

Bahrain's benchmark also fell 0.31 percent, with Bahrain Telecommunications Co sliding 2.1 percent.

Oman Flour Mills was the biggest gainer in Oman, leading the main index to a higher close.

The stock rose 1.49 percent and Galfar Engineering and Contracting Co climbed 1.44 percent as Muscat's measure ended 0.06 percent higher at 10,192.64 points.

Saudi Arabia's leading index edged 0.23 percent higher to 8,955 points with heavyweights SABIC and Al-Rajhi Bank all up slightly.

The kingdom's index has rallied since moves by regulators earlier in August to ease restrictions on foreign ownership of Saudi shares, leading investors to position themselves ahead of expected foreign buying. (Reuters)

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