Dubai's shares fell yesterday as investors booked profits after a strong rally amid euphoria over Saudi Arabia's upcoming mortgage law.
Yesterday, Emaar Properties fell 1.6 per cent to Dh3.03 on the Dubai Financial Market (DFM) General Index. On Tuesday, Emaar jumped more than 6 per cent as investors speculated that the company's subsidiary in the kingdom, Emaar Economic City, would benefit from expected lending in the property market.
Yesterday, the Sharia-compliant mortgage lender Tamweeladvanced 2.4 per cent to Dh1.26. On Tuesday, Tamweel's shares jumped 5.1 per cent. The DFM General Index declined 0.8 per cent to 1,489.50 yesterday.
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