Dubai’s Bourse Comes Off Three-Week High

Dubai’s bourse slips off a three-week high in early trade as investors book gains across Gulf bourses, but analysts expect new buyers to step in.

The index falls one per cent to 2,641 points, trimming year-to-date gains to 62.4 per cent.

Emaar Properties weighs on the benchmark index with a 2.2 per cent drop. Most real estate and construction related shares decline.

Lender Mashreq surges 15 per cent, extending sharp gains since the bank increased its foreign ownership limit to 20 per cent.

Trading however is thin on the illiquid stock, which is now at its highest since May 30.

Abu Dhabi’s measure slips 0.3 per cent to 3,801 points, also easing off a three-week high.

Kuwait’s bourse declines 0.3 per cent to 7,825 points, while Qatar’s index also retreats 0.3 per cent to 9,838 points.