Selling pressure continues on the last day of trading before the long Eid holidays
UAE bourses retreated, tracking a slump in global markets, as selling
pressure continued on the last day of trading before the long Eid holidays.
Global markets fell on Friday on fears China may raise interest rates while
Ireland's dubious debt position forced European leaders to leap to Dublin's
In Dubai, developer Emaar Properties lost 0.8 percent and builder Arabtec dropped
1.6 percent, weighing on broader index DFM that slipped 0.3 percent ending at
Abu Dhabi's Aldar Properties gained 2.7 percent, bucking the trend, with
most other stocks slipping. The index ADI lost 0.4 percent ending at 2,749
Qatar's benchmark QSI ended slightly higher in a day of lacklustre trading,
as investors remained on the sidelines ahead of the Eid holidays.
Shares of heavyweight Industries Qatar slipped as investors booked profits.
"We are seeing profit-taking on Industries Qatar, as it has been one of
the strongest performers in Qatar, up 8 percent in the last five days," said
Robert Pramberger, acting head of asset management at Doha-based Investment
company The First Investor.
Industries Qatar dropped 1.2 percent.
"Effectively it was a quiet day and trading was on low volumes."
Qatar Telecom gained 1.1 percent and Qatar National Bank added 0.8 percent,
lifting the index by 0.1 percent to end at 8,084 points.
Oman's index dropped, as bank stocks led a decline.
National Bank of Oman fell 1.4 percent and Bank Muscat lost 1.2 percent.
The index MSI slipped 0.2 percent to end at 6,607 points.