Regional equity markets declined yesterday, tracking a weak showing on Wall Street over the weekend and negative indications out of the G8 meeting in Toronto. The Dubai Financial Market General Index declined 0.37 per cent to 1,533, failing to carry forward the momentum from last week. Deyaar Development, the second-largest Dubai-listed developer, which rose more than 13 per cent last week, dominated trading again. The company accounted for almost a third of the day's trading volume but closed flat at 34.5 fils.
Its larger counterpart, Emaar Properties, rose 0.3 per cent and helped the market recover some of its early losses. It closed at Dh3.27. Kuwait's Ekttitab Holding was among the major losers, declining 6.2 per cent to 36.2 fils, followed by du, down 4.1 per cent to Dh2.09. "We have pretty much completed the second quarter and there is not much to show for it," said Rami Awwad, a corporate adviser based in Abu Dhabi. "This is adding to weak investor confidence."
On the Abu Dhabi Securities Exchange General Index, which was down 0.09 per cent to 2,551, Aabar Investments was the major loser, declining 7 per cent to Dh1.58. Waha Capital retreated 3.3 per cent to 57 fils, while Sharjah Islamic Bank dropped 2.3 per cent to 82 fils. The G8's members, including the US, Germany, Canada and the UK, termed the global recovery "fragile" but made few suggestions for strengthening it.
Kuwait's main measure retreated 0.8 per cent, while Muscat's and Qatar's both dropped 0.3 per cent. The Bahrain index ended 0.4 per cent lower, and the Saudi market lost 0.5 per cent. skhan@thenational.ae
