|10-14-2014, 02:45 PM||#1|
UAE, Qatar bourses fall back, weighed down by global lead
Bourses in the United Arab Emirates and Qatar declined in early Tuesday trading, tracking losses from Japan and U.S. equity markets.
The Dubai Financial Market (DFM) dipped 1.9% with most shares lower. Heavyweights Emaar Properties fell 2.33% and Arabtec which dominated market volume, fell 1 .7%.
The Abu Dhabi Exchange (ADX) fell 0.9% as most major companies fell back. Aldar Properties and First Gulf Bank fell 2.8% and 1.1% respectively. On the upside, Etisalat jumped 1% after signing the Fujairah Free Zone agreement.
Qatar’s main index fell 0.4% with most companies pulling back.
This performance comes after U.S. equity benchmarks fell sharply late Monday, with the S&P 500 declining to its lowest level in five months. The S&P 500, the NASDAQ and the Dow Jones Industrial Average all fell more than 1.3% on Monday.
Japan’s Nikkei slumped 2.385 or 364 points on Tuesday.
Although stock markets in the region witnessed high amounts of cash flows, with most countries running with solid footing and corporate performance is at its best in years, they continue to be highly affected by the global sentiment.
With recent indicators showing lackluster global growth, together with the U.S. Federal Reserve’s imminent shift to tighter conditions, global stock markets seem to have hit the brakes. Worries have now emerged that despite strong fundamentals, stocks in the Middle East could follow suit.
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