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Calm after the storm as investors wait and see

Developers and banks led UAE shares lower yesterday, but calm was largely restored after Sunday’s aggressive sell-off.

The Dubai Financial Market (DFM) General Index lost 1.3 per cent to 1,516.43 and the Abu Dhabi Securities Exchange General Index declined 0.4 per cent to 2,620.29.

“Local investors have adopted a ‘wait and see what is going on approach’,” said Alfred Fayek, the head of Mena equity sales at EFG-Hermes in Dubai.

Aldar Properties lost almost 3 per cent to Dh1.65 and Sorouh Real Estate declined 2.4 per cent to Dh1.18.

National Bank of Abu Dhabi lost 0.8 per cent to Dh11.35 and Abu Dhabi Commercial Bank lost 2.2 per cent to Dh2.22. First Gulf Bank, declined 1.1 per cent to Dh17.15.

In Dubai, Emaar Properties declined 1.3 per cent to Dh2.98 a share. Emirates NBD, the emirate’s biggest lender, declined 2.2 per cent to Dh3.03. Dubai Financial Market Company lost 3.6 per cent to Dh1.32.

US crude futures, traded on the New York Mercantile Exchange, gained up to 3 per cent to more than US$92 a barrel. Gold reached its highest since August, trading at $1,398.75 an ounce.

Elsewhere: Kuwait’s measure gained 0.5 per cent to 6,426.00; Bahrain’s measure declined 0.3 per cent to 1,465.74; Oman’s index dropped 0.9 per cent to 6,830.35; and Qatar’s index lost 0.8 per cent to 8,488.08. The Saudi Tadawul All-Share Index declined 0.5 per cent to 6,298.85.

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