By- Elsayed Solyman

*Dubai shares close off six year-high, as profit-taking runs its course

*Emaar, Arabtec, and DIB lead loss Tuesday

*Abu Dhabi’s index retreat for third session in a row

* Markets seen by analysts to recover soon

Stock markets in the United Arab Emirates closed in the red territory Tuesday, as profit-taking continued to hound the markets amid selloff streaks in most of global markets, as Russian – Ukrainian crisis came to surface again.

The Dubai benchmark stock index, DFMGI, dipped 1.61% to 4686.29, off its six year high, the index touched on Thursday, and its lowest close in more than four weeks since March 12.

“As it was expected, profit-taking hit Dubai’s shares Tuesday, with blue-chips stocks in real estate and banking sectors leading loss,” said Nabil Hyder, head of gulf research in Al madina Investment.

The property sector index lost 1.23%, smacked by shares in Emaar and Arabtec, which plunged 0.49% and 1.01% in a row.

“Banks stocks were another drag reason, especially Emirates NBD, and Dubai Islamic Bank. We could see market recovering from the profit-taking Wednesday, and resuming its rally bolstered by shares in real estate sector,” Hyder added.

Shares in heavyweights Emirates NBD and DIB lost 5.05% and 2.54%, weighing on the banking sector index, which retreated 2.85%.

“Profit-taking likely to continue Wednesday, with some of large-cap stocks already at overbought stage,” said Nedal Khouly, head of gulf research in Nemma Investment.

Gulf Finance House was the most active by volume, with its stock’s price advancing 0.54%.

Turnover hit AED 1.36 billion, through the trade of 635.36 million shares.

Elsewhere, shares on the Abu Dhabi bourse fell for third consecutive session, as investors continued to book gains from shares in banking and real estate sectors.

ADX, the main benchmark stock index, eased 0.95% to 5085.63 points, dropping off multi-year high, the index touched last Thursday.

“Abu Dhabi Commercial Band and Aldar were the main drag Tuesday, while First Gulf Bank gains couldn’t prop up the market’s index,” said Rami Sidani, a senior analyst at Schroders.

The banking sector index dipped 0.78%, with ADIB and ADCB falling 1.62% and 3.66%, while FGB gained 0.58%.

“We could the index resuming its rally Wednesday on the back of shares in the property sector, especially Aldar,” Sidani added.

The real estate sector index fell 2.14%, with Aldar losing 2.15%, and Rak properties shedding 3.41%.

Dana Gas was the most active by volume, with its stock’s price gaining 3.41%.

Turnover came in AED 1.06%, while volume stood at 503.1 million shares.