DUBAI // A fall in the US and Asian markets pushed GCC equities lower today, with Dubai and Abu Dhabi shares extending losses for the fourth consecutive session this week. The Dubai Financial Market (DFM), which posted the biggest losses on Tuesday, declined another 1 per cent to 1,569.63 as investors continued to sell financial services and property stocks. The DFM General Index fell through its key support level of 1,600 on Tuesday and analysts expect it to continue declining in the short term.
"It is negative sentiment from abroad that is adding to distress here," said Ian Munro, the head of equities research at MAC Capital in Dubai. "Asian and Wall Street declines have prompted selling in both properties and banking, two major investment sectors here." Emaar Properties dropped 1.7 per cent, while the UAE's largest investment bank, Shuaa Capital, remained the top loser with a 5.1 per cent decline. Ajman Bank closed 5 per cent lower, while Emirates NBD retreated 1.6 per cent.
The Abu Dhabi Securities Exchange General Index also declined 1 per cent, to 2719.32. Abu Dhabi Commercial Bank was among the major losers, down 5.5 per cent, while Aldar Properties and Sorouh Real Estate declined 3.7 and 2.8 per cent, respectively. Aabar and Abu Dhabi Islamic Bank also shed 2.7 and 0.7 per cent of their values, respectively. @Email:firstname.lastname@example.org