[2008-09-23]  Dubai Shares Retreat 2.5 Per Cent
Dubai shares retreated 2.5 per cent at 4,200.53 points on Monday on speculation that the bourse’s 9.9-per cent gain on Sunday was overdone. Abu Dhabi’s main index jumped 1.7 per cent to close at 4,014.47.

The real-estate sector had a turnaround at the Dubai Financial Market and led the main index with a surge of 3.3 per cent, or 272.55 points, at 8,089.72. Emaar Properties, the biggest real-estate developer in the Middle East, rose about three per cent to Dh7.81.

Aramex and Air Arabia dropped 4.9 per cent to Dh2.12 and 4.5 per cent to Dh1.50 respectively as crude oil rose for a fourth day. Dubai Islamic Bank, the country’s biggest lender complying with Shariah law, slumped 4.2 per cent to Dh6.

“The name of the game is volatility and a correction is expected after the sharp gains yesterday,” said Shakeel Sarwar, the head of asset management at Securities & Investment Co in Manama, in a Bloomberg report. The report added that oil has climbed 17 per cent since September 16 as lawmakers in the US pledged to consider the government’s $700b rescue plan for the financial industry.


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