Profit-taking continues in UAE markets

Stock markets in the UAE and Qatar fell in early trade on Wednesday in another day of profit-taking after strong gains since mid-February.

Dubai’s benchmark fell 0.9 per cent in the first hour. Dubai Investments dropped 5.0 per cent and Drake & Scull was down 1.1 per cent.

But some stocks that were dumped on Tuesday were bought on Wednesday, with Dubai Parks, the amusement park builder, jumping 3.8 per cent, recouping all of the previous session’s losses.

Abu Dhabi’s index fell 1.5 per cent, heading for a second straight day of losses as First Gulf Bank, the largest listed lender on the bourse, fell 3.3 per cent after dropping more than 9 per cent on Tuesday, when it went ex-dividend. Abu Dhabi Commercial Bank was also sold, falling 2.9 per cent.

In Qatar, the index was down 0.7 per cent as a sell-off in blue chips continued. Barwa Real Estate dropped 5.5 per cent while Qatar Gas Transport fell 1.3 per cent.

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