Real estate shares get battered while banks are favoured in Dubai:
Traders in Dubai continued selling their real estate share exposures even as banks were favoured. In Abu Dhabi, weaker than expected results led to a lower limit on Waha Capital’s shares.
Emaar Properties, which has the highest weightage on Dubai index, neared its lowest level in 52 weeks, closing 2.68 per cent lower at Dh3.99. Emaar Development closed 3.65 per cent lower at Dh3.43.
“Traders are selling real estate scrips thinking that the results might be weak,” said an analyst who did not wish to be named.
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