Dubai: Bourses in the UAE opened lower Tuesday morning, mainly due to investors’ uncertainty about Dubai Holding’s move to part way with Standard & Poor’s as a rating agency Monday.
Dubai Financial Market was down 1.96 per cent to 1582.58 at 10.30pm with property companies and developers most affected. Union Properties topped the losers with minus 6.67 per cent, after Credit Suisse slashed the company’s target price from Dh0.80 to Dh0.03.
Currently, Union Properties is trading at Dh0.56. Other firms hit by bearish sentiment were Deyaar, Emaar, DFM and Aramex. On the upside, newcomer Hits Telecom continued its run and gained 10.16 per cent.
In Abu Dhabi, shares were more stable. The index lost only 0.22 per cent in morning trading to 2602.85.
Nasdaq Dubai’s index started the day 1.50 per cent lower, standing at 1703.79.
