The market, which is expected to post over Dh100 billion in sales through more than 30,000 transactions in first quarter, will sustain steady increase in transactions and prices throughout the year
Dubai Investments, which owns stakes in at least 44 companies, lost for a fifth day as it started a joint venture while Sorouh Real Estate Co had its lowest close in two months after founding members were cleared to sell their shares in the company.
The markets also fell on concern that a possible recession in the US would deter investments in the UAE and the whole Middle East. "We are not seeing a lot of fresh capital being injected into the market," said Blair Look, head of asset management at Al Mal Securities, in a Bloomberg report. "Earnings might be the next catalyst."
US stocks fell for the fourth time in five weeks while consumer spending rose at the slowest pace in more than a year last month. Dubai Investments declined 3.7 per cent to Dh5 on the Dubai Financial Market General Index. The company, which will set up a Dh130-million ($35.4 million) plant with France's Gaussin SA, brought its five-day slump to 11 per cent.
The market, which is expected to post over Dh100 billion in sales through more than 30,000 transactions in first quarter, will sustain steady increase in transactions and prices throughout the year
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