x Abu Dhabi, UAESaturday 22 July 2017

Dubai market follows Asia south

Dubai's benchmark declined yesterday, tracking Asian markets, after China's central bank signalled increased inflationary pressures.

Tamweel fell 2.9 per cent to close at Dh1.34. Jaime Puebla / The National
Tamweel fell 2.9 per cent to close at Dh1.34. Jaime Puebla / The National

Dubai's benchmark declined yesterday, tracking Asian markets, after China's central bank signalled increased inflationary pressures.

Tamweel, a Sharia-compliant mortgage company, fell 2.9 per cent to close at Dh1.34 apiece. Emirates NBD, the UAE's biggest bank by assets, fell 1 per cent to Dh2.83. The Dubai Financial Market General Index fell 0.6 per cent to 1,657.59 points.

China, the world's second-largest economy, saw its inflation rate jump higher than expected last month to 3.6 per cent, above the 3.3 per cent estimate.

Japan's Nikkei 225 Index increased 1.4 per cent to 9,546.26 points. Hong Kong's Hang Seng Index lost 0.9 per cent to 20,593 points. European markets were closed for the Easter holiday.

"Foreign participation was low because of the holiday, and retail was not active," said Anastasios Dalgiannakis, the head of trading at Mubasher Financial Services in Dubai.

"For China, as long as it doesn't slow down too much, its relatively OK as long as the oil price remains high."

Aldar Properties, one of Abu Dhabi's biggest developers, lost 1.6 per cent to Dh1.17 a share. Sorouh Real Estatelost 1.6 per cent to Dh1.17.

Eshraq Properties, another Abu Dhabi developer, fell 2.9 per cent to 33 fils a share.

The Abu Dhabi Securities Exchange General Index fell 0.4 per cent to 2546.54 points.

Elsewhere in the region, Kuwait's measure lost 0.5 per cent to 6,120 points. Bahrain's index slipped 0.3 per cent to 1,139.40 points. The Saudi Tadawul All-Share Index moved

halsayegh@thenational.ae

twitter: Follow our breaking business news and retweet to your followers. Follow us