|10-08-2014, 01:56 PM||#1|
UAE stock markets decline in thin trading
United Arab Emirates stock markets declined early Wednesday, tracking global markets amid fears of slower economic growth, with many retail investors yet to return after the Eid Al-Adha Holidays.
The Dubai Financial Market (DFM) was down 1.2%, with heavyweights Emaar Properties and Dubai Islamic Bank dropping 1.7% and 1.0% respectively.
Abu Dhabi’s index fell 0.55%, with the Abu Dhabi Commercial bank down 1.6%.
Most of the markets across the region were closed on Sunday and Monday, while some market players could be off the market for the rest of the week as well.
The Saudi Arabian, Kuwait, Qatar and Oman markets will be closed for the rest of the week.
The International Monetary Fund (IMF) on Tuesday revised its estimates lower for global growth in 2014 and 2015. The IMF`s report showed more confidence in the Gulf`s economies, global equity markets have been bringing sentiment lower in the region.
Declining oil prices had little impact on UAE markets, where few oil industry-related firms are listed, however business sentiment cold go under pressure if prices extend drop.
Markets in the UAE are expected to regain grounds amid growing confidence about key economic spectrum in the financial market, but trading has been influenced by a very negative global backdrop.
Most Asian stock markets fell Wednesday. Wall Street also declined, with the S&P 500, the Dow Jones Industrial Average and the NASDAQ falling over 1%.
Meanwhile, Bahrain’s bourse reopened Wednesday after the break, but on a negative tone. Zain Bahrain’s initial public offering, the first since 2010 on the market saw week demand.
Bahrain’s bourse has also been trading within a narrow range around 1,460 points for eight weeks now, suffering from low liquidity apparently. Bahrain’s bourse’s trading activity has been the lowest in the region this week.
The All Shares bourse was last down 0.10% at 1,470.90.
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