UAE bourses follow Saudi markets down

Market Update: Local bourses open on the downtrend on Sunday after Saudi Arabia's Tadawul, the largest stock market in the region, dropped 2.5 per cent on Saturday - with video.

Local markets declined at the open on Sunday after Saudi Arabia's bourse, the largest market in the region, dropped 2 per cent on the previous day.

On the Dubai Financial Market, Emaar Properties was down 1.7 per cent to Dh2.76 a share. Arabtec Holding was down 1.4 per cent to Dh1.36 a share. Deyaar Development was down 2.9 per cent to 27 fils. Dubai's benchmark, the Dubai Financial Market General Index was down 1 per cent to 1453.10 points.

Saudi Arabian shares fell 2.5 per cent on Saturday, the lowest in two weeks after reports signaled the global economic recovery is faltering. Morgan Stanley cut its forecasts last week for global growth this year, saying the US and Europe are "dangerously close to recession."

In the capital, Dana Gas was down 1.8 per cent to trade at 54 fils on the Abu Dhabi Securities Exchange. Sorouh Real Estate, Abu Dhabi's second biggest developer was down 1.7 per cent to Dh1.14 a share. The Abu Dhabi Securities Exchange General Index was down 0.9 per cent to 2559.60 a share.

Elsewhere in the region, Kuwait's measure lost 0.1 per cent to 5826.80 points. Bahrain's measure lost 0.4 per cent to 1261.21 points. Oman's index was down 0.2 per cent to 5513.40 points. Qatar's measure lost 0.8 per cent to 8119.99 points.

 

halsayegh@thenational.ae

Published: August 21, 2011 04:00 AM

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