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Bourses on tenterhooks

The markets waited with great anticipation yesterday for word of a Dubai World proposal, only to end the day disappointed once again.

The markets waited with great anticipation yesterday for word of a Dubai World proposal, only to end the day disappointed once again. Emaar Properties led a slight decline in Dubai after announcing plans to cancel its dividend. "It's like the raindrops before the storm," said a trader on the floor of the Abu Dhabi exchange.

The Dubai Financial Market General Index closed 0.4 per cent lower at 1,769.01 on low volumes. The bourse's shares, traded as DFMC, fell 1.6 per cent to Dh1.80. Emaar lost 0.8 per cent to 3.74. The Abu Dhabi Securities Exchange (ADX) General Index closed 0.4 per cent higher at 2,871.79. The ADX announced yesterday that it was launching an exchange-traded fund (ETF) in partnership with the National Bank of Abu Dhabi.

Called the Dow Jones UAE 25 Index, the ETF includes shares from all three UAE bourses and is expected to be listed before the end of the month. The bank's shares rose 3.2 per cent to Dh11.65. Dana Gas shares ended trading 1.1 per cent lower at Dh0.88, with the highest volume on the exchange. Aldar Properties dropped 2.8 per cent to Dh4.10. Qatar's main measure slipped 0.6 per cent, while Muscat's bourse was up 0.1 per cent.

The Bahrain Stock Exchange index was down 0.04 per cent. Kuwait's bourse rose 0.1 per cent, while the Saudi Tadawul All Share Index was down 0.1 per cent. @Email:halsayegh@thenational.ae

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