x Abu Dhabi, UAEMonday 24 July 2017

UAE traders hold fire ahead of US Fed meeting

The US Fed meeting contributed to a quiet day on the UAE financial markets as indices fell significantly today.

Volumes on UAE indices were significantly lower during today's trading session as investors profit took and reversed early week gains.

The Dubai Financial Market (DFM) General Index lost 0.4 per cent to 1,735.07 as volumes fell 62 per cent to $37 million, from $98 million.

Investors also maintained their hold ahead of tomorrow's US Federal Reserve meeting, expected to announce a second round of quantitative easing that will pump more money into the economy.

The region's bourses are expected to react to the effects of the decision on Thursday.

Julian Bruce, director of equity sales at EFG said: "Volume is significantly lower than yesterday with residual selling from local and foreign investors."

"Third quarter numbers haven't given course for enthusiasm and the upside is limited."

Jitters following the departure of Aldar Properties' chief executive were still apparent in Abu Dhabi and the Abu Dhabi Securities Exchange slipped 0.07 per cent to 2,761.59 points.

Aldar was the most active by volume but fell 1.2 per cent to Dh2.4.

On the upside, the banking sector helped relinquish the downward trend. Among the top gainers, National Bank of Abu Dhabi rose 0.42 per cent to Dh11.95 and Abu Dhabi Islamic Bank gained 0.66 to Dh3.05.

Elsewhere in the region: Kuwait lost 0.1 per cent to 7,118.50; Bahrain fell 0.01 per cent to 1,460.08; Oman gained 0.3 per cent to 6,500.06; Qatar rose 0.4 per cent to 7,799.24 and the Saudi Tadawul all-Share Index slipped 0.2 per cent to 6,357.51.