DUBAI, May 7: United Arab Emirates stocks ended the week lower, as investors pocketed profits days after the Gulf states bourses hit all-time highs, analysts said on Friday. The drops came after a year-long bull run, buoyed by record crude oil prices that have fuelled rapid growth and strong corporate results in the small oil-rich country.
The Dubai bourse index closed the week to Thursday at 787.5 points, down nearly 4 per cent from a week earlier, after dropping from the all-time high near 876 points reached on Monday. In the capital Abu Dhabi, the stock market index closed at 5,659.9 points, down more than 8 per cent from the previous week, after slipping from a lifetime high of 6,266 points on Monday.
The two markets are still up 79 per cent and 84 per cent, respectively, since the beginning of the year.Reuters
