Stocks fail to build on Monday's gains and led losses, reflecting the weak investor sentiment in the absence of a spur to trade.
UAE shares resume fall
DUBAI // Stocks in the UAE failed yesterday to build on Monday's gains and led losses among the regional equities market on lower volumes, reflecting the weak investor sentiment in the absence of a spur to trade. Arabtec, the Emirates' largest construction firm that was among the biggest gainers on Monday, declined 3.3 per cent yesterday, while the bellwether Emaar Properties retreated 3.2 per cent, followed by Deyaar, which ended 1.8 per cent lower.
The Dubai Financial Market General Index lost 1.6 per cent to 1,661.54. "Buyers are very much adrift as nothing has changed concerning the broader UAE economic picture," said Ali Khan, the managing director at Arqaam Capital in Dubai. "In addition, concerns about Dubai's debt are still affecting investment decisions. "In absence of a catalyst - some good news on the earnings front or clarity about Dubai World's debt restructuring - we can expect range-bound trading at best."
The Abu Dhabi Securities Exchange General Index declined 0.9 per cent to 2655.57, dragged down by Sorouh Real Estate and Aldar Properties, which closed down 3.8 and 1.2 per cent, respectively. Both were the major gainers a day earlier, when UAE stocks posted moderate gains for the first time in six sessions. Abu Dhabi National Insurance was the biggest loser, closing 9.8 per cent lower, while RAKBank ended 4.3 per cent down.
Saudi Arabia's Tadawul All Share Index declined 0.6 per cent to 6,368.8. Saudi Arabian Amiantit, an industrial group focused on making pipe, was the major loser of the day, falling 5.6 per cent. Banking and finance stocks also weighed heavily on the index. The Bahrain bourse retreated 0.2 per cent. Qatar's main measure was the region's biggest gainer, advancing 0.7 per cent, followed by Kuwait, up 0.2 per cent.