ID :
23129
Tue, 10/07/2008 - 14:16
Auther :
Shortlink :
https://oananews.org//node/23129
The shortlink copeid
UAE markets continue slide
Dubai, Oct 7, 2008 - The UAE stock markets lost a combined 500 points yesterday as blue chip companies slumped to milestone lows according to a report by “Emirates Business”.
The Dubai Financial Market fell 7.61 per cent to 3,552 points, its third-worst trading day ever and lowest finish since February 2005, while the Abu Dhabi Securities Exchange dropped 5.61 per cent to 3,558. These latest losses mean UAE investors have lost Dh74 billion this week alone.
Analysts warn the worst may be yet to come, with global markets also in freefall as investors doubt the US$700 billion (Dh2.5 trillion) bailout of the ailing United States banking sector can avert a worldwide recession.
"At the moment there's a divergence between technical and fundamental analysis," said Gerhard Hametner, Mac Capital head of business development.
"The technicals are suggesting that the market is weak and will remain so for some time to come, while the fundamentals are saying UAE-listed companies are strong. The problem is that sentiment is very poor." Eight of the 10 largest listed companies on the UAE domestic exchanges slumped to 52-week lows.
The Dubai Financial Market fell 7.61 per cent to 3,552 points, its third-worst trading day ever and lowest finish since February 2005, while the Abu Dhabi Securities Exchange dropped 5.61 per cent to 3,558. These latest losses mean UAE investors have lost Dh74 billion this week alone.
Analysts warn the worst may be yet to come, with global markets also in freefall as investors doubt the US$700 billion (Dh2.5 trillion) bailout of the ailing United States banking sector can avert a worldwide recession.
"At the moment there's a divergence between technical and fundamental analysis," said Gerhard Hametner, Mac Capital head of business development.
"The technicals are suggesting that the market is weak and will remain so for some time to come, while the fundamentals are saying UAE-listed companies are strong. The problem is that sentiment is very poor." Eight of the 10 largest listed companies on the UAE domestic exchanges slumped to 52-week lows.
