Aldar shines but Eid fails to refresh UAE shares
Fresh volatility is hitting UAE markets after the Eid holiday. Abu Dhabi's benchmark stock index, the Abu Dhabi Securities Market Index, was down 0.15 per cent at 12.15pm. The Dubai Financial Market General Index was trading 1 per cent lower.
Earlier, Aldar Properties rallied to its highest intraday gain in a month after the developer said its Al Falah villa project will be completed in the next year.
Markets are still reeling after a period of heavy selling across global bourses earlier last month.
Anxieties had been stoked by Standard & Poor's downgrading of the US's top-notch credit rating and fears the euro-zone debt crisis may deepen.
But markets had been recovering. The Tadawul All Share Index gained the most in six months yesterday.
Investors will be closely watching several global events this week for clues about the direction of the global economy. US President Barack Obama will give a speech to congress on Thursday in which he's expected to explain how he will create jobs and reduce the country's budget deficit.
Attention will also be focused next weekend's meeting of the Group of Seven Finance ministers and central bank governors.