Dubai: The Dubai index ended lower on Sunday, retreating from its highest level in two weeks as Union Properties announced projects in the Middle East biggest real estate exhibition. The Abu Dhabi index also fell led by Gulf Livestock Co.

The Dubai Financial Market General Index ended 0.19 per cent lower at 5088.34, after hitting a high of 5,142.75, a level last seen on September 7.

“There is some profit taking since we’d a good run up recently,” Saleem Khokhar, head of equities at National Bank of Abu Dhabi told Gulf News. The index has gained 54 per cent on a year to date basis, making it the best performer in the region.

On the index, out of a total of 30 shares traded on the exchange, shares of 16 companies declined, shares of 12 rose, while shares of the rest 2 companies remained unchanged.

In Abu Dhabi, the general index ended 1.12 per cent lower at 5,174.33. Out of a total of 32 companies, shares of 11 companies rose, while 17 of them declined and the other 4 remained steady.

“I see new a target of 5,500 in Abu Dhabi in the next quarter because the index broke out a historical downtrend last month,“ said Osama Al Ashri, technical analyst and member of Society of Technical Analysts.

Gulf Livestock Co. fell 7.98 per cent to end at Dh3 per share, while National Marine Dredging fell 5.93 per cent in trade to end at Dh5.55,

Positive on property stocks:

“The long term impact (on property stocks) is quiet positive especially when we take into account the Expo 2020. I’m positive on property stocks in the long-term and we may expect volatility in the near-term,” said Khokhar.

Union Properties rose as much as 3.2 per cent after the company announced Dh1.78 billion worth of projects at Cityscape exhibition. Shares of Union Properties closed 1.38 per cent higher at Dh2.21.

Emaar Properties, which has the highest weightage on the index, rose as much as 1.29 per cent before settling steady at Dh11.60.

Drake and Scull International rose as much as 3 per cent, as the company was awarded a project worth Dh490 million by a real estate developer Gulf Related. Shares of Drake and Scull International closed 1.52 per cent higher at Dh1.34.

Dubai home prices are soaring amid an economic boom in the sheikhdom, whose domestic product this year may expand at the fastest pace since 2007, according to International Monetary Fund estimates in May. Residential property prices in the sheikhdom jumped 20 per cent in the second quarter from a year ago, according to Colliers International.