x Abu Dhabi, UAESaturday 20 January 2018

Traders keep their powder dry over Euro crisis

Markets Update: Europe's woes are casting a long shadow over global markets, with UAE investors staying their hand

Investors played a wait and see game this market as they looked for stronger clues on Europe's debt crisis.

Union Properties was up 1.1 per cent to 35 fils on the Dubai Financial Market exchange. Arabtec Holding was down 0.7 per cent to Dh1.35 a share. Emaar Properties was unchanged at Dh2.77 a share.

Dubai's benchmark, the Dubai Financial Market General Index was little changed at 1449.25 points at 11am.

"Investors are taking a wait and see approach," said Nabil Farhat, a partner at Al Fajer Securities in Abu Dhabi. "They want to see how things evolve in the euro area with regards to Greece's debt," he added.

In the capital, the Abu Dhabi Securities Exchange General Index was down 0.1 per cent to 2540.54 points. Traded value reached Dh7 million, down from a 50 day average of Dh60 million.

"We used to trade 7 million within the first 5 minutes when markets open, our markets are becoming illiquid. There is no liquidity," Mr Farhat said.

Abu Dhabi Commercial Bank was up 1.3 per cent to Dh2.98 a share. Aldar Properties rose 0.8 per cent to Dh1.19.

Elsewhere in the region, Kuwait's index was little changed at 5855.40 points. Bahrain's measure was unchanged at 1200.16 points. Oman's measure was down 0.1 per cent to 5639.32 points. Qatar's index was little changed at 8422.88. The Saudi Tadawul was up 0.4 per cent to 6128.47 points.