Business | Markets
UAE bourses close lower on uncertainty over economic outlook
Markets in the United Arab Emirates ended lower on Tuesday as uncertainty over the economic outlook and government measures to tackle the impact of the global financial crisis made investors cautious.
- Agencies
- Published: 15:34 December 16, 2008
Dubai: Markets in the United Arab Emirates ended lower on Tuesday as uncertainty over the economic outlook and government measures to tackle the impact of the global financial crisis made investors cautious.
Dubai's Emaar Properties lost 3.01 per cent, weighing on the index, which closed 1.21 per cent lower at 1,925 points.
The benchmark has lost nearly 68 per cent since the beginning of the year.
In Abu Dhabi, Aldar Properties lost 3.82 per cent, taking the most points of the benchmark, which closed 0.14 per cent lower at 2,710 points.
Kuwait's benchmark closed 0.74 per cent down at 8,899 points.
Mobile Telecommunications Co (Zain) declined 3.45 per cent.
Shares in National Bank of Kuwait, the country's biggest lender by assets, close unchanged after its CEO says it will not be able to meet its 2008 profit target.
Oman's benchmark ended down 0.31 per cent at 5,974 points, closing lower for the fifth session in a row.
Heavyweights National Bank of Oman and Raysut Cement Co, both declined around 3 per cent.
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