Markets Wrap: The nation’s bourses held steady, with limited gains, as investors remained on the sidelines amid worries about Europe’s worsening debt crisis.
UAE investors remain cautious amid euro zone concerns
The nation’s bourses held steady yesterday, with limited gains, as investors remained on the sidelines amid worries about Europe’s worsening debt crisis.
Equities have been volatile of late and highly correlated with global markets in the absence of strong local catalysts.
Emaar Properties, one of the region’s biggest developers, advanced 1.4 per cent to Dh2.89 in Dubai. Tabreed, a district cooling company, fell 0.7 per cent to Dh1.26. The Dubai Financial Market General Index closed 0.6 per cent higher at 1,477.86.
“International markets are regaining some of their losses as investors are expecting more steps to be taken to resolve the European debt issues and slower growth in the US,” said Tariq Qaqish, the deputy head of asset management at Al Mal Capital in Dubai. United States retail data for last month showed a second-straight decline, moving down 0.2 per cent, according to the nation’s commerce department.
Dana Gas, a UAE natural-resources exploration and production company, gained 2.6 per cent to 39 fils in Abu Dhabi.
Aldar Properties, the developer behind Yas Island and Ferrari World, rose 1.8 per cent to Dh1.11. The Abu Dhabi Securities Exchange General Index was little changed, up a mere 0.03 per cent, to 2,448.22.
Elsewhere in the region, Kuwait’s measure lost 1.6 per cent to reach 5,915.96.
Bahrain’s index slipped 1.5 per cent to 1,116.99 Oman’s MSM 30 Index was little changed at 5,710.63. Qatar’s QE Index fell 0.2 per cent to 8,261.09. The Saudi Tadawul All-Share Index rose 0.2 per cent to 6,744.53.
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