DUBAI: Dubai index fell on Friday, as investors continued to encash on the profits gained in previous sessions, while Abu Dhabi closed marginally lower.
Dubai’s main index slipped 0.4%, pressured by losses in utilities and financial sector stocks with Dubai Electricity and Water Authority falling 2.6% and blue-chip developer Emaar Properties decreasing 0.7%.
However, Dubai Taxi Company rose 1.9% after the firm proposed a 4.89 fils per share cash dividend for the second half of the year.
Dubai stock market experienced a decline, continuing its pattern of uncertainty and minimal movements following a period of strong gains that were supported by robust earnings results, said Ahmed Negm, head of market research MENA at XS.com.
However, correction appears temporary as the market continues to be underpinned by solid earnings results and strong fundamentals, Ahmed said.
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