UAE bourses drag amid global economic slowdown

UAE shares drifted lower on Tuesday in line with a global sell-off of equities amid mounting concern over faltering economic growth worldwide.

Japan’s Nikkei ended the day down 2.4 per cent, while the Euro Stoxx 50 was trading 2.2 per cent lower in mid-afternoon.

Brent crude futures enjoyed a comparative respite after falling 2.5 per cent on Monday, trading down 16 cents per barrel on Tuesday afternoon at US$37.53.

The Abu Dhabi Securities Market General Index led losses across the Arabian Gulf on Tuesday, falling 1.7 per cent to 4,309.03, dragged down by big names including Etisalat and ADCB.

Shares in Etisalat finished the day down 2.9 per cent at Dh17.85, their largest one-day fall in three weeks, after the stock went ex-dividend.

ADCB ended down 2.8 per cent at Dh6.50, while FGB closed 2.1 per cent lower at Dh11.55.

Shares in Taqa were among a handful of gainers, ending 1.9 per cent higher at 53 fils.

Dubai’s headline index fell by nearly 1 per cent in early trading, before paring losses to end down just 0.2 per cent at 3,369.74.

DIB and Emaar Properties were among the worst affected big names, closing down 1.3 and 0.9 per cent respectively.

Shares in Shuaa Capital meanwhile hit a new eight-month high, climbing 12 per cent to 65 fils.

Follow The National’s Business section on Twitter


Share This Post