Dubai index extends losses as Emaar weighs

Dubai index extends losses as Emaar weighs:

The Dubai index eased more than half a per cent on Monday, extending losses for another session, weighed by weakness of Emaar shares. The Abu Dhabi index fell nearly one per cent.

The Dubai Financial Market General index closed 0.53 per cent lower at 2,802.88. Emaar Properties closed 2.71 per cent lower at Dh5.02.

“Emaar Properties fell (on Sunday) further down as its Saudi subsidiary reported a steep decline in profits, reporting a loss as real estate and construction remain shaky in the region,” Essam Kassabieh, senior financial analyst with Menacorp said. In other stocks, Gulf Finance House closed flat at Dh1.28. Salama Insurance closed nearly a per cent at Dh0.729. DP World closed more than 6 per cent lower at $17.53. Arabtec closed 0.44 per cent higher at Dh2.26. Dubai Islamic Bank closed flat at Dh5.32.