Business | Markets
UAE markets lacklustre
The UAE markets had a lacklustre Thursday as the Central Bank refrained from following other countries in the region after the US Federal Reserve cut its interest rate by half a percentage point.
- By Gaurav Ghose, Financial Features Editor
- Published: 23:56 October 30, 2008
Dubai: The UAE markets had a lacklustre Thursday as the Central Bank refrained from following other countries in the region after the US Federal Reserve cut its interest rate by half a percentage point.
Saudi Arabia joined Bahrain and Kuwait in lowering interest rates in a bid to revitalise inter-bank lending.
The Dubai Financial Market (DFM) closed 0.85 per cent up to close at 2,942.03 and the Abu Dhabi Securities Exchange (ADX) Index declined 0.73 per cent to 3,326.10.
Not confident
"Investors are still not confident, and they feel that the downside is not over yet," said Tarek Qaqish, fund manager of asset management, Al Mal Capital. "Investors are still reluctant to invest for [the] long term and most of the trading is on very short term and managed by speculators."
On DFM, which witnessed low volumes valued at a mere Dh442.29 million, Emaar Properties jumped 2.69 per cent to close at Dh5.34. Arabtec reversed its decline to gain 4.46 per cent to Dh5.85. On ADX, Abu Dhabi Commercial Bank slid 6.05 per cent to Dh2.64 and National Bank of Abu Dhabi shed 2.97 per cent to Dh11.45.
In the real estate sector, Aldar Properties climbed 1.95 per cent to end at Dh5.25. However, Sorouh Real Estate and Rak Properties closed 2.50 per cent and 2.78 per cent respectively.
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