UAE markets volatile
Dubai, September 22, 2008
UAE markets today offered a mixed picture as uncertainty over the global economic outlook led to volatile trading.
Dubai's main index fell 1.72 percent to 4,234 points, while Abu Dhabi's benchmark roses 1.96 percent to 4,026 points.
"Volatility is the order of the day, especially with the uncertainty prevailing in global financial markets," said Rami Sidani, head of Mena investment at Shroders Investment Management.
"Everyone is operating on a short-term basis because of the lack of long-term visibility and we will see these up-and-down days until global markets stabilise."
In Dubai, real estate firms and banks led losses. Emaar Properties and Union Properties declined 1.24 percent and 3.26 percent, while Dubai Islamic Bank and Emirates NBD fell 1.92 percent and 1.32 percent respectively.
Abu Dhabi's Aldar Properties and Sorouh Real Estate rose 8.75 percent and 7.2 percent respectively, while Arkan Building Materials fell 1.77 percent.
Qatar's main index rose more than 1 percent. Banks lead gains on the Doha benchmark, with Commercial Bank of Qatar and Qatar Islamic Bank rising 2.38 percent and 1.24 percent respectively.
Other heavyweight gainers include Qatar Gas and Transport and Industries Qatar, which gained 3.78 percent and 0.9 percent respectively.
The Qatar index gains 1.35 percent to 9,353 points.
National Bank of Oman rose 9.8 percent, leading gains on Oman's main index. Oman International Bank rose 2.25 percent, with other heavyweight gainers including Raysut Cement Co, which climbed 1.1 percent. The Muscat benchmark rose 1.07 percent to 8,633 points. - Reuters