Dubai: UAE indices fell on Wednesday, joining the world peers due to uncertainty over US elections amid a fall in oil prices. The Qatar index led losses in the region.
The Dubai Financial Market General Index closed 0.93 per cent lower at 3,291.52, near its day’s low, falling from a high of 3,322.16.
“Investors are taking some risk off the table ahead of US elections. The Opec comments are scruntised at the moment, amid the lack of uncertainty,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.
Some of the Opec members like Iraq, and others have been seeking exemptions from an output freeze or even a cut, putting the earlier deal in a possible limbo.
In stock-specific action, Gulf Finance House closed more than 1.57 per cent lower at Dh1.25. Emaar Properties closed 1.6 per cent lower at Dh6.75. Dubai Islamic Bank closed more than a per cent lower at Dh5.12.
Out of a total of 37 stocks traded on the exchange, shares of 24 firms fell, while other 7 rose. The rest remained steady.
The Abu Dhabi Securities Exchange general index closed 1 per cent lower at 4,264.50.
Banks were the major losers led by Union National Bank and National Bank of Abu Dhabi. UNB closed 2.55 per cent lower at Dh3.90. NBAD closed 2.25 per cent weaker.
Out of a total 28 stocks traded on the exchange, shares of 14 firms fell, while other 7 rose.
“The outlook will depend on the outcome of the US elections, we are still waiting for the results, from Emaar, Aldar. They may be overshadowed by the global environment, so investors have turned nervous,” said Khokhar.
Among other markets, the Qatar exchange index closed 1.26 per cent lower at 10,073.03. Saudi’s Tadawul index closed 0.12 per cent lower at 5,989.62. The Kuwait Stock Exchange index closed 0.07 per cent lower at 5,407.67. The Bahrain bourse all share index closed 0.35 per cent lower at 1,145.07. The Egyptian index rose 0.91 per cent to end at 8,524.66 after the country delayed the introduction of a capital gains tax on equities for three more years.
