UAE stock markets unaffected by global sell-off

Emirates NBD closed up 1.1 per cent. Pawan Singh / The National

Shares in Dubai and Abu Dhabi ended Thursday relatively unscathed by a global sell-off, prompted by hints from the US Federal Reserve that it may raise interest rates before the end of the year.

The Dubai Financial Market General Index broke a three-day losing streak, ending up 0.4 per cent at 3,503.75.

Emaar Malls and Emirates NBD were the main blue chip gainers of the day, closing up 1.2 per cent and 1.1 per cent, respectively.

Air Arabia and Damac Properties were among the main laggards, shedding 1.4 per cent and 1.3 per cent.

Abu Dhabi’s headline index ended the day unchanged at 4,322.04, with gains by Etisalat and Aldar Properties cancelling out losses by FGB and NBAD.

Both indexes ended the month in the red, however, with trading volumes falling to historic lows as investors continue to see little reason to invest in the market.

It was a particularly bad month for the Abu Dhabi Securities Exchange General Index, which fell 4 per cent – its worst monthly performance since March.

Trading volumes on the exchange for the month hit their lowest level for more than three years.

Dubai’s headline index finished 2.4 per cent lower for the month.

Saudi Arabia’s Tadawul All Shares Index ended October 1.5 per cent lower, after shedding 17.3 per cent of its value during last month.

MSCI’s Emerging Market Index edged down on Thursday, after the Fed modestly upgraded its outlook for US economic growth, suggesting an interest rate rise before the end of the year was becoming more likely.

Follow The National's Business section on Twitter