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UAE shares extend slide on property stocks

UAE shares extend slide on property stocks

Stock markets in the United Arab Emirates extended loss Wednesday, hit by blue-chips stocks in both Dubai and Abu Dhabi.

The Dubai benchmark stock index, DFMGI, fell 0.24% or 11.4 points to 4667.6 points.

The real estate sector index dipped 1.9%, with shares in heavyweights Emaar and Arabtec falling 2.% and 1.66%.

Turnover came in AED 627.7 million, through the trade of 317.6 million shares.

Elsewhere, shares on the Abu Dhabi bourse edged lower 0.26% to 4964.15 points, smacked by shares in Aldar, falling 1.7%, while banks gains couldn’t prop up the index.

Shares in heavyweights First Gulf Bank and National Bank of Abu Dhabi surged 0.84% and 2.39% respectively.

Turnover stood at AED 230.8 million, through the trade of 59.7 million shares.