Stocks slip ahead of long weekend

Markets Wrap: UAE stock markets decline as investors closed positions to reduce their risk amid worries over Europe’s worsening debt crisis and ahead of a long weekend.

UAE stock markets declined yesterday as investors closed positions to reduce their risk amid worries over Europe’s worsening debt crisis and ahead of a long weekend.

Stock markets will be closed on Sunday’s public holiday in observance of Al Isra Wal Meraj. Trading will resume on Monday.

Emaar Properties, the developer behind the Burj Khalifa, dropped 1.3 per cent to Dh2.83. Air Arabia, the region's biggest budget airline, declined 0.3 per cent to 59 fils. Dubai Investments lost 0.7 per cent to close at 67 fils.

The Dubai Financial Market General Index declined 0.9 per cent to 1,463.73.

“Optimism has faded quickly as international markets continued [their] roller-coaster journey,” said Tariq Qaqish, the deputy head of asset management at Al Mal Capital in Dubai. “UAE is no different. High correlation will remain the key driver until we see change of direction to investors’ outlook to the global economy.”

Abu Dhabi National Energy Company rose 1.6 per cent to Dh1.20. Dana Gasfell 2.5 per cent to 38 fils. First Gulf Bank fell 2.3 per cent to Dh7.97.

The Abu Dhabi Securities Exchange General Index edged down slightly, 0.07 per cent, to 2,446.42.

Elsewhere in the region: Kuwait’s measure lost 0.1 per cent to close at 5,907.73; Bahrain’s index added 1.1 per cent to close at 1,130.19; Oman’s MSM 30 Index was down 0.03 per cent at 5,708.94; and Qatar’s index slipped 0.1 per cent to 8,252.42. The Saudi Tadawul All-Share Index was closed for the weekend.

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