The Abu Dhabi Securities Exchange dropped 2.08 per cent yesterday, as NBAD's biggest single-day decline for five years weighed on the index.
NBAD declined 6.8 per cent, while Taqa fell 7.2 per cent to hit a 52-week low.
“It looked like a big mess,” said Taher Safieddine, the assistant vice president of equity research at Shuaa Capital. “In early trading, the market was doing well, but during the auction in the last 10 minutes there was a big sell-off. Retail investors were net sellers, but so were big investors.”
The National Corporation for Tourism and Hotels sank 10 per cent, while ADCB fell 6.4 per cent and Arkan Building Materials fell 6.6 per cent.
The Dubai Financial Market closed down 1.4 per cent with National Cement taking the greatest hit, closing down 10 per cent.
Shuaa Capital fell 9.8 per cent to hit a 52-week low, while Ajman Bank fell 7.4 per cent, and Gulf General Investment shed 5.8 per cent. Arabtec lost 2.2 per cent.
Emaar Properties shares remained unchanged, after spiking on Sunday ahead of the approval of a Dh9 billion dividend to investors. Dh1.4 billion of shares in the company were traded. Emaar Malls fell 1.2 per cent
Value traded on both markets stood at double their 50-day averages. The Dubai Financial Market traded Dh2.22bn worth of shares, while the ADX traded Dh700.9 million.
Eighteen stocks retreated on the DFM, while 16 fell on the ADX. The number of stocks gaining was in single figures on both bourses.
The UAE's bourses significantly underperformed the MSCI Emerging Markets index, which gained 0.6 per cent.
The DFM yesterday said that the market will be closed on Tuesday and Wednesday for National Day holidays.
Trading will resume on Thursday.
abouyamourn@thenational.ae
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