Business | Markets
Roller-coaster ride continues for markets
The UAE markets followed the lead of Asian and Wall Street markets suffering substantial losses.
- By Babu Das Augustine, Banking Editor
- Published: 00:07 September 24, 2008
- Image Credit: Gulf News Archive
- The UAE markets followed the lead of Asian and Wall Street markets as worried investors sold off stocks amid growing doubts around the world about Washington's $700 billion bailout package.
Dubai: The yo-yo effect is leaving investors reeling and analysts scratching their heads. And above all, everyone is wondering what next?
On the day after the UAE Central Bank pumped $50 billion in liquidity into the inter-bank market, stock markets in Dubai and Abu Dhabi suffered substantial losses.
Dubai's index fell 3.56 per cent and Abu Dhabi shares edged down 2.86 per cent.
The UAE markets followed the lead of Asian and Wall Street markets as worried investors sold off stocks amid growing doubts around the world about Washington's $700 billion bailout package.
On Monday oil soared nearly 16 per cent in its biggest one day gain ever, selling at $109.36; on Tuesday it slumped by $1.31 a barrel.
Gold prices fell on Tuesday as lower oil prices and a slightly firmer dollar prompted investors to cash in on the previous session's gains. Spot gold was at $895.55 an ounce, down from $900.20.
The biggest losers on Tuesday on DFM were Tabreed, Union Properties and Ajman Bank. Emaar Properties continued to slide, losing 3.97 per cent to close at Dh7.50.
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