Dubai slips, banks weigh on Abu Dhabi

Dubai's benchmark ends 0.6% lower at 1,379 points, down in four of past six sessions
Dubai slips, banks weigh on Abu Dhabi
The two UAE bourses traded about 50 million shares combined
By Reuters
Thu 17 Nov 2011 10:04 AM

UAE and Qatar markets ended lower following a weak lead from world markets as concerns deepened over a spiralling euro zone debt crisis.

Dubai's benchmark ended 0.6 percent lower at 1,379 points, down in four of the past six sessions.

Emirates NBD was the main drag, dropping 2.4 percent. Real Estate stocks also weighed with Emaar Properties down 0.8 percent and Deyaar Development falling 4 percent.

"More or less, Q3 results are out and it's absolutely dead because everybody realised that there are no regional factors that might drive the markets," said Ibrahim Masood, senior investment officer at Mashreq bank.

Abu Dhabi's benchmark eased 0.08 percent to 2,474 points, its lowest close in three weeks. National Bank of Abu Dhabi dropped 0.5 percent and Abu Dhabi Commercial Bank slipped 0.7 percent.

The two UAE bourses traded about 50 million shares combined.

"The current levels of volumes are not expected to improve significantly, but rather worsen," said Talal Touqan, head of equity research at Al Ramz Securities.

Elsewhere, Qatar's index eased 0.05 percent to 8,744 points.

Masraf Al Rayan and Commercial Bank of Dubai slipped 0.4 and 0.5 percent respectively.

Political turmoil in Kuwait weighed on the country's share index after dozens of protesters stormed the parliament building on Wednesday evening demanding the prime minister step down.

The Emir has asked to meet the government later on Thursday, which analysts say will dictate market sentiment next week.

The benchmark slipped 0.2 percent to close at 5,858 points, extending 2011 losses to 15.8 percent.

"Kuwait is made up mainly of local investors and if you're going to have political problems, you'll see a sell off," said a Kuwait-based trader on condition of anonymity.

"We had more liquidity earlier this week but it's all gone away. Nothing today matters except the politics."

National Industries Group and Gulf Bank each fell 1.9 percent, while Kuwait Finance House dipped 1.1 percent.

Elsewhere, Oman's index ended 0.2 percent lower at 5,521 points.

Raysut Cement was the main drag, dropping 3 percent. Heavyweight Bank Muscat slipped 1.1 percent and Bank Dhofar shed 0.5 percent.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.