Business | Markets

Emaar and etisalat lead decline on UAE markets

UAE stocks fell on concern that a possible recession in the US will hurt investor appetite and profit growth in emerging markets.

  • Bloomberg
  • Published: 00:32 March 10, 2008
  • Gulf News

  • Investors at the Abu Dhabi Securities Market. UAE stocks declined on concern a US recession will hurt investor appetite.
  • Image Credit: Gulf News Archive

Dubai: UAE stocks fell on concern that a possible recession in the US will hurt investor appetite and profit growth in emerging markets.

Emaar Properties drop-ped the most in a week. etisalat had its biggest one-day decline since February 18.

"We're in correlation with global markets,'' Nadim Abou Jalad, a trader at Naeem Shares and Bonds, said.

The Dubai Financial Market General Index dropped 1.4 per cent to 5,752.02. The Abu Dhabi Securities Market Index dropped 0.8 per cent to 4,813.55.

Emaar fell 2.1 per cent to Dh11.8 on Sunday. etisalat lost 1.2 per cent to Dh24.5.

"Most of the trade is local today and there is a fear factor after what happened in the US markets last week," Robert McKinnon, managing director at Al Mal Capital, said.

About 135 million shares traded in the Dubai Financial Market General Index, about a fifth of the daily average of 668 million in the past six months.

Volumes on the Abu Dhabi Securities Market Index were also about 80 per cent less than the six-month average, as almost 66 million shares traded.

Meanwhile, Saudi Arabia's Tadawul All Share Index lost 0.9 per cent to 9,834.41. The Muscat Securities Market 30 Index declined 1.5 per cent, while Qatar's Doha Securities Market 20 Index dropped 0.4 per cent.

The Kuwait Stock Exchange Index rose 0.4 per cent and the Bahrain All Share Index advanced 0.8 per cent.

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