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Article: United Arab Emirates: UAE markets feel the heat as global equities slump.
- Article from:
- TendersInfo
- Article date:
- March 19, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: sander03
The UAE markets lost more than 170 points between them on Monday as global equities took a battering. With the Japanese Nikkei plunging to a two-year low and the Hong Kong and Mumbai exchanges both dropping more than five per cent, the UAE markets stood little chance of avoiding the rout.The Dubai Financial Market lost 1.65 per cent to 5,982 points, while the Abu Dhabi Securities Market fell further, falling 1.72 per cent to 4,602.
Analysts have long warned the UAE indices will have to find substantially higher volumes to mount a recovery, but turnover did improve on the Dubai bourse yesterday, despite the decline. This rising volume on ...