|10-15-2014, 02:15 PM||#1|
Qatar, UAE stock markets fall back, Dubai down 1.5%
United Arab Emirates (UAE) stock markets turned lower on Wednesday afternoon trading, after opening notably higher, indicating the panic wave is still not over.
The Dubai Financial Market (DFM) opened 1.2% higher and the Abu Dhabi Exchange (ADX) rose 0.2%, but soon reversed losses at a sharp rate. The DFM and the ADX were last down 1.5% and 0.4% respectively. As of 02:00 p.m. GST
Both indices tend to correlate with U.S. and European equities, which showed signs of stabilization on Tuesday. However, volatility seen throughout the week continued, and investors looked set to pull back for now until uncertainty goes away from markets.
Petrochemicals across the Gulf continued to show weakness, pressured by lower prices and prospects of lower demand from China, after data showed weak consumer inflation that has slowed to four-year lows.
The Qatar Exchange fell 1.3%, dragged down by telecom operator Oordeoo and conglomerate Industries Qatar.
Oman and Kuwait Bourses fell 0.2% and 0.4% respectively.Kuwait’s Gulf Finance House dominated Wednesday trading volumes, falling more than 5% after Fitch Ratings said that its "profitability remains weak and volatile and is unlikely to improve materially and sustainably until significant balance sheet and business model reshaping has taken place".
Markets in the Middle East are yet to show signs of stabilization, so volatility will be seen in markets until global bourses regain some poise.
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