Business | Markets

Dubai continues to fall but Abu Dhabi recovers

UAE shares ended mixed with Dubai falling for the fifth straight day and Abu Dhabi recovering to end in positive territory as the global financial turmoil continues with most global markets retreating for the second day.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 23:52 September 16, 2008
  • Gulf News

Dubai: UAE shares ended mixed with Dubai falling for the fifth straight day and Abu Dhabi recovering to end in positive territory as the global financial turmoil continues with most global markets retreating for the second day.

The Dubai Financial Market General Index shed 200 points in early trading, but covered to end 90 points in the negative. It ended 2.22 per cent down to 3,945.30, with 24 stocks declining, seven advancing and one remaining flat.

The Abu Dhabi Securities Exchange Index closed 0.42 per cent higher to end at 3,770.44. Of the 38 stocks traded, 18 gained, 15 declined and five stayed flat.

"Both markets recovered from the early losses, though there is no specific reason why Dubai ended the session down and Abu Dhabi up and this is a good sign even though we saw US, Europe and Asia were all down," said Chahir Hosni, director of high net worth sales, EFG-Hermes.

"We will see how the US market ends today and that will continue to have an impact on all the markets, including the GCC. Everybody is keeping a close eye on the US market."

Shiv Prakash, equity investment analyst, technical, at Mac Sharaf Securities, said the trend in Dubai remains bearish, but some accumulation was seen from high net worth investors from the last two intraday sessions.

"In Abu Dhabi, the trend is the same and is expected to continue "until we see a clear close above 4,100, we do not expect any reversals in the market."

Emaar Properties continued to fall and dropped 1.11 per cent to close at Dh7.13.

Union Properties, however, recovered to end in positive territory. It gained a healthy 3.93 per cent to Dh2.91.

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