Telecom stocks drive UAE markets down in early trading

Dubai: Stock markets in the United Arab Emirates declined in early trading on Tuesday, led by telecom stocks, on fears a global recession could hit the local markets.

Emirates Telecommunications Corp declined 2.27 per cent and the Abu Dhabi index edged down 0.06 per cent to 2,845 points.

Du telecom and Dubai Financial Market Co went down 6.16 per cent and 5.78 per cent respectively, pushing Dubai's benchmark 1.16 per cent lower to 2,118 points.

Kuwait's benchmark fell 0.49 per cent to 8,510 points, led by Kuwait Projects Co, which fell 4.81 per cent.

Bank Muscat edged up 2.09 per cent, lifting Oman's benchmark up 1.3 per cent to 5,946 points.