Shares in Dubai's Emaar Malls Group (EMG) jumped in early trade on Thursday as the stock started trading on Dubai's main stock exchange and drained liquidity from the rest of the emirate's market.
EMG shares, which were sold at 2.90 dirhams in the heavily oversubscribed $1.6 billion initial public offer, rose 13.8 percent to 3.30 dirhams after surging as much as 20 percent and dominated trading volumes.
Dubai's main index, which does not yet include the stock, slid 1.6 percent as investors rushed to buy EMG and sold other stocks. EMG's parent company, Emaar Properties, was hit hardest, tumbling 3.9 percent.
Abu Dhabi's market, whose investor base largely overlaps with that of Dubai, edged down 0.6 percent as most blue chips fell.
Qatar's main index slipped 0.1 percent amid a mixed performance by key stocks. Developer Ezdan Holding fell 0.2 percent. The stock rose 14 percent last month ahead of its inclusion in the benchmark from October 1.
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