Text size:

  • Small
  • Normal
  • Large

Asia woes spook UAE investors

Markets Update: The UAE's markets remain at the mercy of fears over the world economy, with a sell-off on Asian markets hitting stocks in Dubai and Abu Dhabi - with video.

A bad start to the week on Asian markets has left UAE bourses spooked in trading this morning, with worries over the wilting global economic recovery weighing on investors sentiment.

Asian stocks fell in the early hours of the morning as traders assessed the impact of poor economic data from the US released on Friday and fears about the strength of Chinese companies' dollardebts, with the Hang Seng Index losing 2.6 per cent to 19,688.15. Japan's Nikkei 225 index shed 1.8 per cent to 8,784.46.

The UAE's markets opened lower, with the Dubai Financial Market General Index losing 0.4 per cent to 1,477.72 and stocks in Abu Dhabi declining 0.2 per cent to 2,606.44.

Internationally exposed stocks in the banking and property sectors saw the greatest volume, with Emaar Properties losing 1 per cent to Dh2.81 per share, Aldar Properties down 0.8 per cent at Dh1.24 a share, and First Gulf Bank falling 1.25 per cent to Dh15.80 per share.

The slowing pace of US economic growth, coupled with lingering fears over the state of China's public finances, also led to a decline in the price of crude oil and companies bound to the strength of world trade.

Brent crude futures fell 1.3 per cent to $111.65 per contract, while DP World, the Dubai-based ports operator, lost 1.38 per cent to $10.70 a share on the Nasdaq Dubai exchange.

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.

 Miele coffee maker making Cappuccino at Miele Gallery in Sama Tower in Dubai. The cost of this coffee maker is around Dh 17,000. Pawan Singh / The National

Space-age coffee comes at a price from Miele

Miele have taken the coffee machine to a new level with its Dh17,000 offering that is built into your kitchen.

 The bridge of Seajacks Hydra, as the wind farm installation vessel undergoes finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014. Jeffrey E Biteng / The National

In pictures: Building the Seajacks Hydra

The Seajacks Hydra, a wind farm installation vessel, is undergoing finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014.

 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.

 The rush of new supply of hotel rooms pushed Dubai occupancy rates down to 87 per cent. Sarah Dea / The National

Dubai hotel room rates rise 10 per cent

The rush of new supply pushed occupancy rates down to 87 per cent, a dip of 2.6 per cent from the previous year. Winter months are the strongest for Dubai hotels, with occupancy and prices falling to half their peaks by July.

 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.


To add your event to The National listings, click here

Get the most from The National