Developer profit booking halts Dubai market’s “PR rally”
The Dubai financial market general index (DFMGI) declined by 0.50 per cent to reach 5,115.44 points on Tuesday, September 2. After reaching a six-year high on Monday due to the well-timed IPO announcement for its mall unit, Emaar left the floor as the most liquid loser, ending off three per cent lower at AED11.30. Union Properties (down 0.90 per cent at AED2.23) and Islamic real estate company Deyaar Development (down 0.80 per cent at AED1.27) followed the fickle trend. DFM, the sole Arab capital market being listed on an exchange itself, surged 2.26 per cent to hit AED3.62.