Non-Arabs led selling in Dubai for second week
Dubai, August 23, 2008
Non-Arab foreign investors were net sellers on Dubai's bourse for a second week, offloading Dh243.64 million ($66.32 million) of shares in selling that dragged Emaar Properties to a more than 40-month trough.
Foreigners sold Dh792.61 million of shares and bought Dh548.97 million in the trading week ended August 21, Dubai Financial Market Company (DFM) said in a statement.
The index fell 2.5 per cent in the trading week, shedding 1.31 per cent on Thursday to 4,891.15 points, its lowest close since October 2007.
Dubai developer Emaar dropped 2.29 per cent on Thursday to Dh9.39, its worst finish since April 11, 2005, the early days of a stock market rally that took the stock to as high as Dh29.10 in September that year.
The data showed UAE nationals, Gulf Arab nationals and Arabs were all net buyers last week. DFM generates its revenues from trading-commission fees.-Reuters