Dubai's stock-market fell on Wednesday, tracking Asian markets, as investors cut positions in risky assets ahead of a meeting of European leaders.
Emaar Properties dropped 2.3 per cent, to Dh2.90. Tamweel, a mortgage company complying with Shariah rules, declined 1.7 per cent to Dh1.15.
The Dubai Financial Market General Index lost 1 per cent to 1480.81 points.
European policymakers are expected to meet today to discuss the region's worsening debt crisis, and debt-strapped Greece's potential exit from the eurozone.
Most stocks declined on the Abu Dhabi bourse, but the index was buoyed by banks on very low volumes.
Aldar Properties lost 2.7 per cent, to Dh1.08. Sorouh Real Estate declined 2.8 per cent, to Dh1.04.
Meanwhile, First Gulf Bank rose 2.5 per cent, to Dh8.92 with only 90,950 shares traded. Abu Dhabi Islamic Bank rose 0.9 per cent, to Dh3.13 on 25,000 shares.
The Abu Dhabi Securities Exchange General Index rose 0.2 per cent, to 2475.89 points.
Egypt’s stock-market slipped at the open, as Egyptians headed to polling stations to vote for a president for the first time since the ousting of former president Hosni Mubarak, who ruled the North African country for more than 30 years.
“A lot of investors have been selling ahead of the elections to reduce exposure,” said Marwan Shurrab, the vice president and chief trader at asset-manager Gulfmena Investments in Dubai.
The EGX 30 Index lost 0.2 per cent, to 4864.18 points. The benchmark has risen 34.28 per cent so far this year on investor optimism after the country’s parliamentary elections went smoothly.
Egyptians will be casting their ballots across 13,000 polling stations today through to tomorrow.
Unless a contestant wins more than 50 per cent of the vote today, the top two candidates will compete in the run-offs on June 16 and June 17. Egypt’s president will be sworn in at the end of June.
Mohammed Ali Yasin, an independent analyst said he expected markets to react strongly when the results are announced. “You will see a strong move when we know which political party has won and who is president.”
Elsewhere in the region, Kuwait's measure lost 0.5 per cent to 6346.86 points. Bahrain's index lost 0.7 per cent to 1138.32 points. Oman's measure lost 0.2 per cent to 5735.27 points. Qatar's QE Index lost 0.5 per cent to 8455.03 points.
The Saudi Tadawul All-Share Index rose 1 per cent to 7103.52 points yesterday.
HAlSayegh@thenational.ae
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