Dubai Bourse slumps despite Abu Dhabi Merger Euphoria

The DFM General Index edged up higher at the opening Monday but eventually lost steam and closed 0.74% lower at 1,674.14.

Dubai’s first developer and market bellwether Emaar Properties, as the most liquid share, added 0.67% to reach Dhs3.02.

Emaar, which added surged over three percent at the opening on news that its Abu Dhabi rivals Aldar Properties and Sorouh Real Estate entered merger talk, failed to keep momentum after The National reported that the Abu Dhabi ADX supervision decided to examine ‘unusual share prices movements’ prior to the announced merger yesterday, when both shares rose by the same percentage (as they did today).

At the DFM, Arabtec Construction gained 1.70% to close at Dhs2.98. Market breadth turned into negative territory as five stocks advanced and 23 declined.