UAE markets dip for 2nd day; Emaar up

Investors book profits from a strong early-year rally, bourses consolidating
Dubai stock market
By Reuters
Thu 16 Feb 2012 11:02 AM

UAE markets fall for a second day as investors book profits from a strong early-year rally and the bourses are seen consolidating around current levels.

Small-caps in Dubai drag the index lower by 0.2 percent to 1,521 points. It slips for a second day since Tuesday's six-month high.

Deyaar Properties falls 2.9 percent, Gulf Navigation slips 1.6 percent and Union Properties dips 2 percent.

Dubai's Emaar Properties bucks the trend and gains 0.3 percent. It slipped a day earlier from a six-month high despite posting above-forecast earnings.

"There is a lack of clarity on Emaar's dividends," says Marwan Shurrab, vice-president and chief trader at Gulfmena Investments. "Investors are more interested in dividends than results in order to recover previous losses."

Builder Arabtec climbs 1.7 percent.

Abu Dhabi's index slips 0.2 percent to 2,483 points, also down for a second day.

"Near-term support is at 2,450 points, with a break below signaling lower prices," says Bruce Powers, head of research and analysis at Trust Securities.

Elsewhere, Kuwait's Wataniya gains 1 percent. It reported on Wednesday a 57 percent rise in its fourth-quarter net profit as the telecoms operator included more consolidated earnings from its Tunisian unit.

Kuwait's index reverses early-session losses, climbing 0.2 percent to 5,974 points.

In Qatar, the benchmark slips 0.2 percent to 8,615 points, a two-week low.

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