Declines in real estate drives UAE indices lower

The Dubai Financial Market’s main index edged lower on Monday after contractor Arabtec declined after prior-day gains and as Emaar-related stocks declined. The DFM index closed down 0.35 per cent at 2,684 points, while Abu Dhabi’s ADX ended down 0.4 per cent at 5,023 points. Real estate heavyweight Emaar Property dropped 1.5 per cent, pushing the property benchmark down 1.3 per cent. Emaar Developments also slipped 0.3 per cent, while Emaar Malls shed 1 per cent. Arabtec dropped 6 per cent, a day after gaining 14 per cent. There have been no specific news or reports from the company which could be the trigger for such moves. Dubai Islamic Bank, the biggest Sharia-compliant lender in the UAE, slipped 0.2 per cent, leading declines among lending peers, which fell 0.6 per cent.  In Saudi Arabia, the benchmark index rose 0.8 per cent, gaining for a second day after the agreement between Opec and its allies to extend output cuts by 500,000 barrels per day.