Local stock markets were mixed yesterday amid low volumes and as traders remained on the sidelines following a week of volatility spurred by global markets and Europe¿s debt crisis.
Investors keep to sidelines
Local stock markets were mixed yesterday amid low volumes and as traders remained on the sidelines after a week of volatility spurred by global markets and Europe's debt crisis.
Emaar Properties, the region's biggest developer, declined 0.6 per cent to Dh2.88. The district cooling company Tabreed rose 1.6 per cent to Dh1.25 apiece.
The Dubai Financial Market General Index closed flat at 1,479.67.
About 57 million shares changed hands yesterday, compared with the daily average of 70 million so far this month.
"There is truly no clarity from Europe," said Haissam Arabi, the chief executive at the asset manager Gulfmena Investments in Dubai. "We are reaching oversold territories and markets should be due for an upward correction, but a lack of resolution or catalysts from Europe are weighing us down."
On the Abu Dhabi Securities Exchange (ADX), Aldar Properties fell 0.9 per cent to Dh1.07 and Sorouh Real Estate declined 0.9 per cent to Dh1.03 after a second consecutive week of gains amid investor speculation that the two developers would merge. RAK Properties dropped 2.7 per cent to 36 fils.
The ADX General Index slipped 0.4 per cent to 2,464.68.
Elsewhere in the region: Kuwait's measure declined 0.4 per cent to 6,339.39; Bahrain's added 0.6 per cent to close at 1,145.39; Oman's benchmark lost 0.2 per cent to close at 5,708.37; and Qatar's QE Index was largely unchanged at 8,462.91.
The Saudi Tadawul exchange was closed for the day.