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UAE markets edge down after Eid break

DUBAI, September 27, 2015

United Arab Emirates stock markets edged down in thin trade on Sunday as they reopened after a break for Eid Al-Adha, with no major corporate news to move shares and the global market environment slightly negative.

The Dubai stock index slipped 0.6 per cent in its lowest daily trading volume since April 2013, with many investors still on holiday. Activity focused on smaller-capitalised, low-priced stocks favoured by local retail investors rather than institutions.

GFH Financial Group, the most heavily traded stock, rose 0.6 per cent, but builder Arabtec dropped 2.7 per cent and Shuaa Capital lost 6.2 per cent.

Dubai Parks and Resorts gained 0.8 per cent after local press coverage of attractions at the theme parks which it plans to open next year.

The Abu Dhabi index edged down 0.4 per cent as telecommunications blue chip Etisalat lost just as much and major developer Aldar Properties slid 0.8 per cent.

Oman's stock market drifted up 0.2 per cent, but most major Middle East bourses remained closed for Eid, with Egypt due to reopen on Monday and Saudi Arabia and Qatar on Tuesday.

Since Gulf markets shut for Eid last Tuesday, Brent oil has fallen nearly 1 per cent to $48.60 a barrel, while MSCI's all-country world equities index has dropped 0.6 per cent. – Reuters




Tags: Oman | stock market | UAE markets |

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