Share owners continue to cash out

Investors in Dubai continued to accumulate cash in early trade on Thursday ahead of the $1.4 billion initial public offer of Emaar Malls Group, a subsidiary of Emaar Properties, the largest listed developer in the emirate.

The Dubai index fell 1.3 percent as most stocks were in the red. Emaar itself was the main drag, falling 1.8 percent as its shares no longer entitled their holders to priority allotment in the malls unit’s IPO.

Emaar plans to sell a 15 percent stake in its unit and allocate about 30 percent of the offer to retail investors who dominate trading in Dubai’s market. Subscriptions for the shares will open on Sept. 14.

Abu Dhabi’s bourse was nearly flat while Qatar’s benchmark slipped 0.2 percent and hovered around the psychologically important 14,000 point mark.-Reuters

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