DUBAI — Dubai Financial Market Index slipped more than 2 per cent yesterday to 4227.66, despite strong corporate results.
The Abu Dhabi Index was almost unchanged at 3034.3 as the UAE benchmark, NBAD General Index slipped 1.09 per cent to 10,612.27.
After the close of the trading, Emaar, the largest property developer in the Middle East, announced that its fourth-quarter profit rose 65 per cent. Emaar's shares yesterday  closed down 3.7 per cent to Dh12.9.
Despite the high volatility analysts expect the UAE market to gain more than 15 per cent this year. “We believe that the current market conditions stand over-corrected on account of a few non systemic reasons. In our view markets are ripe for a recovery, ” said Shehab Gargash, Managing Director of Daman yesterday.
Across the two bourses, the UAE market traded 186 million shares worth Dh1.79 billion. In the banking sector, National Bank of Dubai gained 2.17 per cent as Dubai Islamic Bank slipped. Islamic mortgage lenders Amlak and Tamweel slipped 1.5 per cent and 1 per cent respectively.
On Abu Dhabi bourse, banking shares Abu Dhabi Commercial Bank and First Gulf Bank slipped 0.16 per cent and 1.1 per cent respectively as real estate major Sorouh gained 2.37 per cent