Property stocks weigh on Abu Dhabi, Dubai

STOCK WATCH: Dubai Financial Market declines 2.1 percent in early trade. (Getty Images)

Abu Dhabi Commercial Bank, which fell 6.2 percent, and property stocks on Wednesday dragged down the main index on Thursday.

"The guidance they (ADCB) gave (on their exposure) is what was generally expected, but still more than the initial figure, so we were expecting some weakness," Ali Khan, managing director and head of brokerage at Arqaam Capital.

"Still, sentiment is positive in the long term as it remains positive as a turnaround stock," he said.

Abu Dhabi's benchmark closed 0.8 percent lower at 3,119 points.

Aldar Properties shed 3.1 percent, while Sorouh Real Esate, one of the most actively traded stocks in today's session, fell 2.5 percent.

In Dubai, property stocks also hit the main index. Emaar Properties fell 2.9 percent.

Dubai Financial Market, which recently posted strong gains due to merger speculation, retreated two percent.

The main index DFM fell 0.9 percent.

Qatar's index QSI declined in thin trade with bellwether Industries Qatar falling 1.3 percent.

The main index fell 0.5 percent to 7,426 points. (Reuters)

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