x Abu Dhabi, UAEFriday 28 July 2017

US Fed woes hit UAE bourses as big name stocks slip

Markets Update: Markets decline at the open on Thursday, tracking global markets, after the US Federal Reserve said the United States faced a grim economic outlook with "significant downside risks." Watch video.

Gulf markets are down on Thursday, taking cues from global markets after the US Federal Reserve warned the United States faced a grim economic outlook with "significant downside risks".

On the Dubai Financial Market, Drake and Scull International, Dubai's second biggest contractor, lost 1.2 per cent to 85 fils a share. Emirates Integrated Telecommunications, also known as Du, was down 1.3 per cent to Dh2.98 a share. Emaar Properties, the region's biggest developer, lost 1 per cent to Dh2.79.

Dubai's benchmark, the Dubai Financial Market General Index was down 0.3 per cent to 1467.33 points.

In the capital, Aldar Properties was down 1.6 per cent to Dh1.21 a share. Sorouh Real Estate is down 0.8 per cent to Dh1.14 a share. Methaq Takaful Insurance was down 1.3 per cent to Dh1.47 a share. The Abu Dhabi Securities Exchange General Index was little changed at 2556.97 points.

Elsewhere in the region, Kuwait's index was down 0.5 per cent to 5925.40 points. Bahrain's measure lost 0.8 per cent to 1245.90 points. Oman's measure lost 0.7 per cent to 5698.52 points. Qatar's benchmark lost 0.6 per cent to 8445.72 points. The Saudi Tadawul was closed for the day.

halsayegh@thenational.ae