Weak data on trade from China hits global equity markets

Shares in the UAE closed lower on a quiet day of trading yesterday as global equities dropped in response to weak Chinese trade data.

Bourses across Asia and Eur­ope fell after the Chinese government said that exports declined 10 per cent in September compared with a year earlier. The figures came in far below expectation, raising concerns about the state of the world’s second largest economy.

Hong Kong’s Hang Seng index finished 1.6 per cent lower. The Euro Stoxx 50 was trading 1.5 per cent lower yesterday afternoon, with US indexes also opening lower.

Saudi Arabia initially bucked the global downward trend, rising by 1.3 per cent, boosted by positive third-quarter results from Saudi Kayan Petrochemical. However, shares eventually gave up gains, ending up just 0.02 per cent.

The Dubai Financial Market General Index closed 0.5 per cent lower at 3,334.94. Trading volumes hit their lowest daily level since late July, with just four stocks registering volumes in excess of 5 million.

Emaar Properties and DIB led the sell-off of big-name stocks, closing down 1.3 per cent and 0.7 per cent.

Damac Properties was the pick of the gainers, ending up 0.9 per cent at Dh2.24.

Trading was also muted in Abu Dhabi, where shares closed down 0.3 per cent at 4,347.20, with just nine stocks experiencing trading volumes of over a million.

Mid-cap banking stocks were the main losers in the capital, led by National Bank of Umm Al Qaiwain. The little traded stock closed down 9.3 per cent at Dh3.10, with UNB and Bank of Sharjah also falling.

Aldar Properties was the pick of just four gainers, edging up 0.3 per cent to Dh2.57.


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