News Column

UAE markets slip on global cues

January 26, 2014

Gaurav Ghose Financial Features Editor

Dubai : UAE stocks fell sharply on Sunday, tracking weak cues from global sell-offs seen on Friday on concerns about the impact of the US Federal Reserve's move to start trimming the stimulus on emerging markets. Technicals showing that both Dubai and Abu Dhabi had gained strongly in the past weeks, which meant they were facing resistance, played their part in investors selling off. Dubai's benchmark measure, DFM General Index, plunged 2.23 per cent to more than a two-month low to close at 3733.70. In the capital, the ADX General Index slipped 1.83 per cent to 4569.93. Trading volumes continued to be high, with Dubai and Abu Dhabi markets registering a turnover of Dh2.20 billion and Dh1.19 billion respectively. Majority of shares declined. Among the major losers included Gulf Finance House , Union Properties , Deyaar Development in Dubai and Waha, Dana Gas , Aldar and Rak Properties in Abu Dhabi . UAE markets are likely to face pressure in the short term, an analyst said. "Global markets [was] impacted by mixed earnings releases and weak China€ˇPMI," Saleem Khokhar , head of equities at National Bank of Abu Dhabi's asset management group, said. " UAE fundamentals remain sound but weakness may persist until global markets stabilise."

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Source: Gulf News (United Arab Emirates)

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