UAE markets play the global waiting game

Markets update: Local markets slipped on Wednesday as investors waited for direction from European markets, analysts said - with video.
How the ADX closed on August 14, 2011.
How the ADX closed on August 14, 2011.

UAE markets took a breather on Monday, unable to sustain gains on Sunday as investors waited for direction from global markets, analysts said.

Dubai's benchmark, the Dubai Financial Market General Index was down 0.5 per cent to 1470.46 points. Abu Dhabi's index slipped 0.1 per cent to 2596.06 points.

"We are just waiting for direction to see what european markets do," said Saleem Khokhar, the head of equities at National Bank of Abu Dhabi.

Asian markets notched up solid gains as investors paused for breath after the wild swings of the past week and took some comfort from a calm finish on Wall Street on Friday. In Japan, second quarter gross domestic data showing that the economy there had contracted less severely than expected also helped lift sentiment.

Elsewhere in the region, Kuwait's index was down 0.5 per cent to 5819.50 points. Bahrain's measure was little changed at 1267.10 points. Oman's index was also little change at 5482.44 points. Qatar's index was little changed at 8114.20 points. The Saudi Tadawul All-Share Index was down 0.6 per cent to 6115.19 points.

Published: August 15, 2011 04:00 AM


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