Markets Update: Abu Dhabi's benchmark drops to six months low on Sunday, tracking Wall Street's sell-off on Friday.
Abu Dhabi shares hit six month low
Abu Dhabi's shares dropped to their lowest in almost six months on Sunday after US equities recorded their worst weekly loss since the 2008 financial crisis.
The Abu Dhabi Securities Exchange General Index was down 0.6 per cent to 2541.33 points, the lowest level since Mar 6. Aldar Properties was down 1.6 per cent to Dh1.18 a share. Sorouh Real Estate lost 1.7 per cent to Dh1.11 a share. Dana Gas declined 1.7 per cent to 55 fils a share.
"Local markets will be under some pressure catching up with the global market sell-off, as well as the drop in commodity prices," Abu Dhabi-based financial services company CAPM Investment said in a note to clients.
In the US, the Dow Jones Industrial Average has shed 6.4 per cent, its worst weekly performance since Oct 2008. Oil prices, which have shed nearly $8 last week, may add downward pressure to regional stocks. Brent crude closed at $104.36 a barrel on the London-based ICE Exchange.
On the Dubai Financial Market, Union Properties down 3.3 per cent to 35 fils a share. Arabtec Holding lost 0.7 per cent to Dh1.35. Drake and Scull International lost 1 per cent to 83 fils. Dubai's benchmark, the Dubai Financial Market General Index, was down 0.3 per cent to 1455.03 points.
Elsewhere in the region, Kuwait's index was down 0.3 per cent to 5893.00 points. Bahrain's measure lost 1.5 per cent to 1225.47 points. Oman's index was little changed at 5700.52 points. Qatar's benchmark lost 0.8 per cent to 8374.64 points. The Saudi Tadawul All-Share Index was little changed at 6142.26 points.