Real Heights Real Estate Broker

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Dubai: The Dubai bourse on Sunday saw slight confidence for property stock, while Abu Dhabi closed lower, dragged down by the banking sector.

Expectations of better annual results by Emaar caused late activity on the Dubai Financial Market, causing the market to close at a marginally lower level of 0.36 per cent at 1,637.78.

"Real Estate stocks did well in Dubai, closing 48 points up," Shiv Prakash, equity investment analyst at Mac Capital Advisors said, while mentioning the selective buying.

"Overall markets were down but these stocks [Emaar and Arabtec] helped the index to close near the previous opening levels," he added.

Emaar advanced 3.69 per cent to close at Dh2.25, while Arabtec went up by 3.33 per cent to end at Dh1.55. Dubai Islamic Bank rose 1.65 per cent to close at Dh1.85.

Meanwhile, Shuaa Capital dropped 9.91 per cent to reach a low of Dh1.00 and Aman fell 9.09 per cent to Dh0.90.

Abu Dhabi closed lower by 2.91 per cent at 2,315, and could not attract buyers like the Dubai market.

The banking sector prices slipped with Abu Dhabi Islamic Bank down 9.35 per cent at Dh2.52.

First Gulf Bank (FGB) closed at 9.32 per cent lower at Dh7.88. Emirates Driving Company fell the most at 9.90 per cent to Dh2.64. Gulf Cement fell 9.85 per cent to Dh2.47 and Invest Bank dropped 9.77 per cent to Dh2.31. Sorouh was also down by 3.75 per cent at Dh2.82.

Al Khanza Insurance Co, Arkan Building Materials Co and Abu Dhabi Aviation Co saw some confidence and closed higher.

Source: Copyright © 2007 Gulfnews.com. All rights reserved.