Dubai index extends losses ahead
Dubai's main stock index fell for a second day yesterday, staying below 4,000 points and close to a two-year low, as investors sold to raise funds for the Air Arabia IPO that starts yesterday.
In Oman, the benchmark moved back into positive territory after losing all its 2007 gains on Wednesday as UAE investors sold to cover their positions in Dubai.
Qatar's bourse closed up for a third day, paced by Qatar Telecommunications Co (Qtel).
"The Air Arabia IPO is sucking money out of the market," said Joseph Kawkabani, a founder and director of Algebra Capital, an asset management and private equity company that started operations in Dubai in November.
The news about Emaar's dividends is still out there in the market.
The Dubai benchmark, the third-worst performer in the Gulf this year, fell 0.39 per cent to 3,944.51 points, weighed by Emirates Bank International and du telecom. Their shares declined 3.07 per cent and 2.35 per cent respectively.
In Oman, the benchmark moved back into positive territory after losing all its 2007 gains on Wednesday as UAE investors sold to cover their positions in Dubai.
Qatar's bourse closed up for a third day, paced by Qatar Telecommunications Co (Qtel).
"The Air Arabia IPO is sucking money out of the market," said Joseph Kawkabani, a founder and director of Algebra Capital, an asset management and private equity company that started operations in Dubai in November.
The news about Emaar's dividends is still out there in the market.
The Dubai benchmark, the third-worst performer in the Gulf this year, fell 0.39 per cent to 3,944.51 points, weighed by Emirates Bank International and du telecom. Their shares declined 3.07 per cent and 2.35 per cent respectively.
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