Business | Markets
UAE equities end lower on global market weakness
Pressured by weakness in global markets, UAE shares fell yesterday with strong second quarter results so far failing to make much of a difference in investors' appetite.
- By Gaurav Ghose, Financial Features Editor
- Published: 21:22 July 29, 2008
Dubai: Pressured by weakness in global markets, UAE shares fell yesterday with strong second quarter results so far failing to make much of a difference in investors' appetite.
Fears about the troubled financial sector, with more write-downs expected in the coming months and overall health of the US economy, continued to persist in the minds of the investors worldwide.
on Tuesday, Asian stocks fell. Nikkei 225 closed 1.9 per cent lower and the Hang Seng declined 2.25 per cent. US stocks, at the close on Monday, also retreated with Dow Jones Industrial Average shedding 2.11 and the S&P500 index falling 1.86 per cent.
In Dubai, the index fell 1.36 per cent to 5348.46 with volumes barely moving up to 132.35 million shares, valued at Dh548.6. Losers led gainers 25 to five, with two stocks remaining flat.
Real estate index was down 2.07, with its flagship stock Emaar Properties declining 2.36 per cent to close at Dh10.35. Banks also closed lower with Emirates NBD losing 1.68 per cent to Dh11.70.
In Abu Dhabi, telecom and real estate stocks weighed on the index which retreated for the third straight session, losing 0.89 per cent to close at 4930.58. Of the 45 traded companies, 28 declined, 14 gained and three were unchanged. etisalat fell 1.52 per cent to Dh19.95.
All the three top banks closed lower. Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and First Gulf Bank lost 0.39 per cent, 1.63 per cent and 1.27 per cent respectively.
Sorouh Real Estate and Aldar Properties also slid, losing 2.15 per cent to close at Dh9.10 and 1.21 per cent to Dh12.25.
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