Markets down after volatile day

Another day of volatility ended with UAE markets in the red and Abu Dhabi seeing its eighth consecutive day of decline. The Abu Dhabi Securities Exchange General Index moved 1.2 per cent lower to 2,604.17. Consumer-related stocks fell the most, by 6.5 per cent. Emirates Driving Company was 9.8 per cent lower to Dh3.38. Abu Dhabi Aviation, the Middle East's largest helicopter operator, fell 8.3 per cent to Dh2.09; while Abu Dhabi National Hotels fell 6.2 per cent to Dh3.

The Dubai Financial Market General Index fell 1.3 per cent to 1,579.54. Emaar Properties, the UAE's largest listed developer, fell 1.7 per cent to Dh3.35. The bourse's shares, traded as DFM Company, fell 2.4 per cent to Dh1.59. Dar Al Takaful, an Islamic insurance firm, was up 14.4 per cent to Dh1.19. "Markets are very volatile, moving up one day and declining the other sharply," said Hassan Awan, an associate with the asset management division at The National Investor in Abu Dhabi. "But it's not the regional markets alone, as indexes in developed markets were very erratic in behaviour throughout May."

Mr Awan said trading volumes remained low. "The lack of liquidity was again very visible in the regional markets. We need liquidity to see a stable trading pattern." Saudi Arabia's Tadawul All-Share Index was alone in the region in advancing. The index rose 0.5 per cent to 6,120.52. Kuwait's measure fell 1.6 per cent to 6,699.70. Qatar's QE Index fell 0.5 per cent to 6,785.96; Muscat's index lost 0.3 per cent to close at 6,294.43; and Bahrain's index declined 0.3 per cent to 1,450.28.

halsayegh@thenational.ae