Text size:

  • Small
  • Normal
  • Large
The ADX General Index slipped by 0.1 per cent. Ben Job / Reuters
The ADX General Index slipped by 0.1 per cent. Ben Job / Reuters

Abu Dhabi and Dubai markets dip ahead of US fiscal cliff

Markets Wrap:
Stocks decline amid investor concern over the looming $600 billion fiscal cliff in the United States.

UAE bourses dipped yesterday, tracking global markets, after investor attention turned towards the United States and its looming fiscal cliff.

The Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2,670.72 points, while the Dubai Financial Market General Index lost 0.2 per cent to 1,614.16.

"The focus is outside on the fiscal cliff and how the US government will lobby and reach an agreement that all parties will accept," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai.

Policymakers in Washington need to come up with a plan to implement nearly US$600 billion in spending cuts and tax increases due in January - without crashing the economy. US stock markets declined last week, with the S&P 500 Index and Dow Jones Industrial Average accumulating the biggest losses since June.

"Valuations and third-quarter earnings have been strong in the UAE so far, maintaining the support for the market on a medium-term basis, with consolidation trade around these levels until we see a clear picture on the international arena," said Mr Shurrab.

Ajman Bank closed 6 per cent higher to Dh1.06 even after it denied retail investors' speculation that a strategic investor was building up shares in the company.

"The bank has no plans or desire to enter into a strategic agreement with any party, internally or externally," it said. "The bank continues to progress according to its strategic plans, and there is no need for any financial partner, or other, to implement the strategic plan."

halsayegh@thenational.ae

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 Three generations of the Hakimi family tend to their stall Crawford Market in Mumbai. Subhash Sharma for The National

In pictures: Shopper’s delight at Crawford Market in Mumbai

Crawford Market is an old British-style covered market dealing in just about every kind of fresh food and domestic animal imaginable. Later on renamed Mahatma Jotirao Phule, the market remains popular among locals and visitors by its old name, taken from Arthur Crawford who was the first municipal commissioner of the city.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National