UAE traders vexed by question 'to buy or not to buy'

Markets are broadly flat today as investors stay on the sidelines for more clues about the European and US economic woes.

The Abu Dhabi Securities Market Index was up 0.06 per cent at 2,604.67 at 12.40pm, with the Dubai Financial Market General Index up 0.1 per cent at 1,476.68.

They had earlier opened lower, with Aldar Properties, Dana Gas and Emaar Properties leading the declines.

Overall, trading is thin as investors wait until news flow emerge from Europe and elsewhere today. Further gloom is expected to emanate from the euro zone as workers stage a strike in Italy in protest at the government's austerity measures. Focus will also be on European banking stocks. They were hardest hit by yesterday's sell off linked to concerns about their exposure to the euro zone sovereign debt crisis and a US regulatory investigation into their part in the sub-prime mortgage crisis.

In the US, markets, will re-open later after being closed for Labour day yesterday.

Both Abu Dhabi and Dubai's indexes closed lower yesterday as local stocks were embroiled in the global equity sell off.

tarnold@thenational.ae