UAE bourses fell on Monday as worldwide stock market jitters continued to hit emerging markets.
The Abu Dhabi Securities Exchange fell 1.54 per cent, while the Dubai Financial Market fell 0.95 per cent. Thirty-day volatility on both bourses reached its highest level since Arabtec’s crash in June this year.
Price fluctuations savaged global markets for most of last week after the IMF downgraded its global economic growth forecasts and central banks offered mixed messages on interest rate rises and quantitative easing.
This hit Dubai and Abu Dhabi bourses as foreign investors withdrew funds. The DFM lost 13.6 per cent last week, while the ADX lost 6.09 per cent.
Monday’s losses on the DFM were led by National Central Cooling, or Tabreed, which lost 4.7 per cent to close at Dh1.42 a share. Dar Al Takaful and Dubai Islamic Insurance both fell by about 4 per cent. Emirates Driving fell 10 per cent to close at Dh4.05 a share. Finance House lost 38 fils per share, closing down 9 per cent at Dh3.82 a share.
On the DFM, it was a good day for Emirates NBD, whose share price rose 4.83 per cent to close at Dh9.12
Seventeen shares in Dubai retreated in price, four gained and nine remained unchanged.
RAK Ceramics was the best-performing stock on the ADX yesterday, gaining 7.46 per cent to close at Dh3.6 a share.
Thirteen shares on the ADX decreased in price, six increased, and 42 were unchanged.
abouyamourn@thenational.ae
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