x Abu Dhabi, UAEMonday 24 July 2017

UAE bourses edge down as traders fear risk

Markets Update: Local stock-markets declined on Sunday as traders were unwilling to take additional risk ahead of the new year.

Abu Dhabi's shares edged lower on Sunday, with low turnover, as traders remained on the sidelines ahead of the Islamic New Year holiday.

National Bank of Abu Dhabi, the country's second biggest lender by assets, lost 0.4 per cent to Dh10.15. Abu Dhabi Islamic Bank, the country's biggest shariah-compliant lender, lost 1.5 per cent to Dh3.13. The ADX General Index lost 0.01 per cent to 2417.80 points.

"Very little interest amidst the absence of any local catalyst coupled with very high uncertainty on the back of deteriorating global macro news are keeping investors on the sidelines," said Haissam Arabi, the chief executive at Gulfmena Investments in Dubai.

"We are approaching year end where no one is eager to take additional risk and losses as they close their books for the year."

Dubai's DFM General Index lost 0.04 per cent to 1348.08 points.

Elsewhere in the region, Kuwait's index lost 0.2 per cent to 5782.00 points. Bahrain's measure was unchanged at 1161.34 points. Oman's MSM Index added 0.1 per cent to 5428.52 points. Qatar's QE Index added 0.1 per cent to 575.07 points. The Saudi Tadawul All-Share Index lost 0.4 per cent to 6057.59 points.

 

halsayegh@thenational.ae