Shares on the Dubai bourse closed in the negative territory on Tuesday, ending a 2-day winning streak, as investors were booking gains from heavyweight Emaar.

The Dubai benchmark stock index, DFMGI, lost 0.49% or 25.34pts to 5115.44pts.

“The index could favor a rally to 5,400 as long as support level at 5,000 holds,” said Mubasher Financial Service in a client note.

“Investors were booking gains from Emaar, especially foreign passive fund managers who track MSCI,” said Nedal Khouly, head of Gulf Research in Nemma Investment.

Shares in Emaar fell 3% to AED 11.3, after the stock’s price climbed about 8% in the last two sessions on Emaar Mall unit’s IPO.

Meanwhile, shares in Arabtec closed flat, while Dubai Financial Market, the only listed Arab bourse, surged 2.26%.

Turnover hit AED 1.47 billion, through the trade of 367.5 million shares.