Emaar Properties headed early losers on Dubai's index, as investors cashed in gains from a four-session rally, but Shuaa Capital extended gains.Emaar dropped 1.1 per cent, having hit a nine-week closing high the previous day, while rival developer Union Properties lost 2.1 per cent.
Shuaa bucked the negative trend, rising 4.1 per cent to take its gains to 19.2 per cent since Saturday. It appointed a new chief executive on Sunday and said on Saturday it would issue 515 million shares to Dubai Banking Group (DBG) to resolve a long-running bond row.
The index fell 0.5 per cent to 1,913 points.
"Ramadan trading has been slightly different this year and there has been some accumulation to help the index slowly pick up -- after Ramadan there might be a decent rally," says Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.
Meanwhile, property stocks also weighed on a retreating Abu Dhabi index, as declines in Asian stocks convinced UAE investors to sell.
RAK Properties and Aldar Properties were the two most active stocks and they fell 1.3 and 0.8 per cent respectively.
Aldar has risen 19.7 per cent this month as investors bet the UAE property sector was stabilising and that beaten down real estate stocks were undervalued.
Sorouh Real Estate was another to decline, dropping 1.6 per cent. The index fell 0.4 per cent to 2,871 points.
Analysts said UAE markets continued to maintain a high correlation to their global counterparts. Chinese stocks plunged 6 per cent to a three-month low on Monday.
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