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Sun 24 Apr 2011 02:54 PM

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Emaar weighs on Dubai market; Abu Dhabi flat

Flagship property developer dropped 1.4 percent ahead of quarterly earnings

Emaar weighs on Dubai market; Abu Dhabi flat

Emaar Properties weighed on Dubai's index which ended lower as investors booked profits after a recent rally.

Flagship Dubai property developer Emaar dropped 1.4 percent ahead of quarterly earnings, released after the market close.

"Market tends to drift off during Western Bank Holidays. Bit of profit taking ahead of Emaar numbers," said Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading.

The benchmark slipped one percent to 1,665 points, edging away from Thursday's yearly high.

Abu Dhabi's benchmark ended almost flat at 2,712 points, edging closer to a 10-week closing high.