UAE shares yesterday extended their losses for the second consecutive session this week as property and financial services stocks continued to declin
Stocks extend losses
DUBAI // UAE shares yesterday extended their losses for the second consecutive session this week as property and financial services stocks continued to decline. The main measures for both Dubai and Abu Dhabi each closed 0.1 per cent lower, while share markets elsewhere in the region ended trading mixed. Emaar Properties eased yesterday by 0.1 per cent, while Ajman Bank and Dubai Financial Market (DFM) both pulled down the index with declines of 2.4 per cent and 1.3 per cent respectively.
Gulf General Investment Company was among the day's major losers, retreating 4 per cent. The DFM General Index closed at 1,622.01. "People are staying in the wings and the weakness in trade is continuing from last week. We expect this pattern to continue in the short term," said Ayman el Saheb, the head of operations at Darahem Financial Brokerage in Dubai. "Every good news investors get is mitigated by bad influences like Dubai's debt restructuring," he said. The Abu Dhabi Securities Exchange General Index ended the day at 2,753.17.
Sorouh Real Estate retreated 1.8 per cent, while Waha Capital ended trading 2.3 per cent lower. Aabar Investments declined 0.4 per cent. Saudi Arabia's Tadawul All Share Index extended its rally for a ninth day as it posted a gain of 0.1 per cent. Muscat shares fell 1.04 per cent, the biggest loss among the GCC bourses. On the positive side, Bahrain shares posted a gain of 1.6 per cent, while Kuwait advanced 0.3 per cent and Qatar firmed 0.1 per cent.