Abu Dhabi, Dubai shares join global rout

UAE stocks joined a global rout on Thursday as European markets tumbled towards their lowest since September 2013.

India’s NSE index fell by 3.4 per cent on Thursday to the lowest since May 2014 – the biggest daily fall in nearly six months.

International crude benchmark Brent declined 1.85 per cent to US$30.27 a barrel in morning trading in London.

“Markets will generally remain very soft,” said Muhammad Shabbir, Rasmala Investment Bank’s head of equity funds and portfolios, in Dubai.

“There is more pressure coming on companies’ earnings so investors are taking shelter from that.”

The Dubai Financial Market General Index ended down 2.57 per cent to 2,981.48.

Damac Properties fell 4.2 per cent to Dh2.49 after its fourth-quarter net profit fell by 8 per cent to Dh842.8 million.

Dubai Parks & Resorts edged down 3.54 per cent to Dh1.09 after the theme-park builder reported a loss of Dh109.2m last year. Emaar Properties shares dropped 2.72 per cent to Dh5.36.

The Abu Dhabi Securities Exchange General Index fell 0.8 per cent to 4,071.8.

Oil is down by 27 per cent this year on speculation that a global glut will continue.


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