Business | Markets
UAE stocks decline on sell-off
Negative sentiment continues to cloud UAE bourses, which eased for a second trading day as jittery foreign and local retail investors exit banking and energy stocks.
- Agencies
- Published: 12:53 August 21, 2008
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Dubai: Negative sentiment continues to cloud UAE bourses, which eased for a second trading day as jittery foreign and local retail investors exit banking and energy stocks.
Abu Dhabi's benchmark fell 0.77 per cent in early trading to 4,512.26 points as First Gulf Bank shed 5.45 per cent, Abu Dhabi National Energy Company 3.23 per cent and Dana Gas 3.37 per cent.
"There is bad sentiment and this is affecting the markets," said Chahir Hosni, a sales manager at EFG-Hermes.
"Foreign institutions are selling because all the global markets have not been performing well, and investors are pulling out of emerging market funds. As a result, they are decreasing their exposure," he said.
Dubai's measure, which fell 1.17 per cent on Wednesday, eased 0.35 per cent in early trade to 4,938.66 points.
The Kuwait Stock Exchange Index slipped 0.2 per cent, while Oman's Muscat Securities Market 30 Index fell 0.7 per cent, ending seven days of gains.
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