News Column

Fed action brings UAE stocks down

February 24, 2014

Lucy Barnard

Stock markets in Abu Dhabi and Dubai fell yesterday as bank and energy shares were dragged downwards by poor performances in the United States at the end of last week.

Abu Dhabi's ADX General Index fell by 0.88 per cent its largest loss in almost a month in trading yesterday to close at 4,871.57.

The poor performance came after US stocks fell last week as the Federal Reserve announced it would continue its programme of reducing the country's economic stimulus.

The Abu Dhabi market dip pinned back the index's growth since the start of the year to 13.5 per cent.

Of the 61 members on the Abu Dhabi index, shares in 21 fell, 32 stayed the same and just 8 increased in value.

InvestBank, one of the emirate's smallest lenders, fell 5.2 per cent yesterday to Dh3.27 each, while First Gulf Bank was down 1.78 per cent at Dh22.1 a share.

The Dubai Financial Market General Index fell 1.43 per cent yesterday, with 18 of the 31 members registering declines and just five showing an increase.

Laggers included Drake & Scull International, which fell 7.26 per cent to Dh1.66 a share, and National General Insurance, which plummeted 10 per cent to Dh4.95 a share.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: National, The (United Arab Emirates)

Story Tools