Markets Update: Gains fade from memory of Gulf traders and world woes resurface.
UAE markets have the weight of the world on their shoulders
Stock markets across the Gulf were flat or declined in mid-day trading today as uncertainty over the global economic situation weighed and exuberence from last week's gains faded.
Dubai's main stock index fell by about 0.9 per cent at mid-day. Two of the emirate's biggest property developers fell the sharpest, with Emaar Properties losing 2.5 per cent to Dh2.75 per share and Union Properties falling 2.8 per cent to 27 fils per share. The biggest gainer was Arabtec, the regional construction giant, which rose 1.33 per cent to Dh1.52 per share.
Abu Dhabi's index dropped by 0.7 per cent, weighed down by falls in share prices for First Gulf Bank, which lost 2.2 per cent, and RAK Cement, which dove 2.9 per cent.
Qatar's market traded flat, while Omani stocks were up by a slight 0.08 per cent. Markets in Saudi Arabia and Bahrain were closed.
Buttressed by a difficult global economy, markets across the region have struggled this year, and most are expected to show annual declines as 2011 draws to a close. Dubai's index has fallen by more than 15 per cent this year so far, while Abu Dhabi's has lost almost 10 per cent.