UAE markets echo global slide

Dubai: With major markets around the world unsure of what lies ahead amid the global financial turmoil and most ending in negative territory on Wednesday, UAE bourses closed down sharply wiping away the gains it made on Wednesday.

Banks and real estate stocks dragged the Dubai Financial Market General Index down 3.02 per cent to close at 3922.64.

Of the 29 stocks traded, 28 declined and one advanced. Among the major losers included Emaar Properties, the most liquid stock, shedding 3.71 per cent to Dh7.00, Union Properties sliding 3.23 per cent to Dh3.00, Dubai Islamic Bank, tumbling 7.63 per cent to Dh 5.45, Tamweel closing 6.85 per cent down to Dh3.81 and Amlak Finance was off 4.93 per cent to Dh3.28.

Abu Dhabi Securities Exchange Index declined 2.64 per cent to 3730.31, with banking sector among the worst sufferers. Real estate and energy sectors were badly hit too.

Of the 38 stocks traded, 34 declined and four were up. The losers list included First Gulf Bank, Abu Dhabi Commercial Bank and National Bank of Umm Al Qaiwain, down 8.78 per cent to Dh14.55, 8.81 per cent to Dh2.89 and 8.46 per cent to Dh5.95 respectively.

Aldar Properties, the most liquid stock of the day, lost 3.54 per cent to end at Dh7.09. Sorouh Real Estate closed 1.76 per cent lower to Dh5.57. etisalat posted a loss of 1.25 per cent to close at Dh15.00.