Banks and property stocks decline in UAE

Developers and banks led the biggest declines at the close of play on the Abu Dhabi Securities Exchange. Regional markets cooled after yesterday's sell-off that was fuelled by civil unrest in middle eastern countries.

Markets are now taking a breather after the aggressive sell-off, after local investors have adopted a wait and see what is going on approach," said Alfred Fayek, director of mean equity sales at EFG Hermes in Dubai.

Foreign investors, as limited as they are, would have sold yesterday, he said.

Aldar Properties, developer of Yas Island and Ferrari World, lost almost 3 per cent to Dh1.65. Sorouh Real Estate, the emirate's second biggest, declined 2.4 per cent to Dh1.18.

National Bank of Abu Dhabi, the capital's largest lender, lost 0.8 per cent to Dh11.35. Abu Dhabi Commercial Bank lost 2.2 per cent to Dh2.22. First Gulf Bank, the third biggest lender in its emirate, declined 1.1 per cent to Dh17.15.

The Abu Dhabi Securities Exchange General Index declined 0.4 per cent to 2620.29.

Emaar Properties declined 1.3 per cent to Dh2.98 a share in Dubai. EmiratesNBD, its emirate's biggest lender, declined 2.2 per cent to Dh3.03. Dubai Financial Market Company, the Arab world's only listed bourse, lost 3.6 per cent to Dh1.32.

The Dubai Financial Market General Index lost 1.3 per cent to 1516.43.

US crude futures, traded on the New York Mercantile Exchange, gained as much as 3 per cent on the $92.17 a barrel. Gold, trading at 1,398.75 an ounce, reached its highest increase since August. Silver, trading at 33.4825 an ounce, reached its 30 year high.

Elsewhere in the region, Kuwait's measure gained 0.5 per cent to 6426.00. Bahrain's measure declined 0.3 per cent to 1465.74. Oman's index dropped 0.9 per cent to 6830.35. Qatar's index lost 0.8 per cent to 8488.08. The Saudi Tadawul All-Share Index declined 0.1 per cent to 6327.43.