Business | Markets
UAE markets down as bleak sentiment prevails
UAE markets ended yesterday's session on negative grounds on low volumes as bleak investor sentiment continues to prevail.
- By Ahmed A. Elewa, Senior Reporter
- Published: 00:22 March 28, 2008
Abu Dhabi: UAE markets ended yesterday's session on negative grounds on low volumes as bleak investor sentiment continues to prevail.
The Emirates Securities General Index retreated 0.63 per cent to 5,796.22, dragging total market value of listed companies down by more than Dh5 billion to Dh800.62 billion.
"Most investors are awaiting quarterly results, while foreign investors stake subsided remarkably in tandem with the turmoil sweeping international markets," said Ahmad Abdul Rahman, head of research at Amanah Capital.
In Dubai, the benchmark index declined more than one per cent to 5404.68. Emaar Properties, dropped 2.17 per cent to Dh11.25.
Dubai Financial Market's shares were among the worst hit, falling 3.12 per cent to Dh5.27, dragging the investment sub-index down by 1.64 per cent.
In Abu Dhabi, Sorouh Real Estate was down five per cent at Dh8.61, followed by Aldar Properties, which fell 1.42 per cent to Dh10.40.
Abu Dhabi Securities Market's General Index retreated 0.24 per cent to 4,665.25.
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