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The Dubai Financial Market’s General Index registered the biggest drop in the Middle East, losing 2.3 per cent, the most since June 10, to 2,345.47 points. Emaar Properties witnessed its biggest decrease since April. In the capital, The Abu Dhabi Securities’ General Index dipped by 0.9 per cent.
Most of the capital markets in the Middle East reacted after US President Barack Obama said the US would send light weapons to the Syrian opposition.
Other major markets in the region joined the bears’ club during the day as Qatar’s index slipped 0.6 per cent to 9,424 points, Egypt fell one per cent to 4,604 points and Oman declined by 1.1 per cent to 6,484 points. Bahrain was flat at 1,199 points. Kuwait gained 0.3 per cent while Saudi Arabia added 0.5 per cent to 7,330 points after a 4.3 per cent decline on Saturday in response to the Syrian crisis.
Dubai’s index has surged 48 per cent so far this year, while Abu Dhabi has climbed 39 per cent. The recent upgrade announcement by New York-based global index developer MSCI to reclassify MSCI UAE and MSCI Qatar Indices from frontier to emerging markets will further attract foreign investment into the markets, according to equity analysts.
“UAE markets have performed very strongly year-to-date, hitting multi-year highs especially in light of their strong performance ahead of the MSCI decision to upgrade the UAE to emerging markets status, and so a correction is to be expected and is natural,” Emirates NBD head of Mena Equity Research Mohammed Irfan Ellam told Khaleej Times.
“The fundamentals for UAE markets over the long term remain strong. The outcome of the FOMC [Federal Open Market Committee] meeting in the US later this week is expected to provide direction to global equity markets,” he added.
Most financial markets around the world will firmly focus on the US Federal Reserve’s FOMC meeting this week. As one of only a few meetings a year at which new economic forecasts are released, there will be more than just the usual focus on whether quantitative easing will be maintained.
At the DFM, Emaar was the volume leader with 108 million shares changing hands, followed by the Dubai Financial Market with 85 million and Tabreed with 61 million. In Abu Dhabi, Aldar topped with 210 million shares, followed by Sorouh with 131 million and etisalat with 25 million.
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