UAE shares continued their slide in line with other emerging markets, in spite of the US Federal Reserve’s decision to keep interest rates on hold.
The FTSE Emerging Markets Index was trading more than 1 per cent lower in the afternoon as relief over the Fed move was trumped by concerns over the prospect of Britain voting to exit the European Union next week.
The Euro Stoxx 50 and London’s FTSE 100 were both down by 0.7 per cent .
Concerns over the global economic outlook weighed on oil prices as Brent futures fell below the US$49 per barrel mark for the first time in more than three weeks.
Shares in Dubai led losses across the Arabian Gulf, ending 0.5 per cent lower at 3,307.72, dragged lower by DIB, Damac Properties and Emirates NBD.
The benchmark heavyweight Emaar Properties fell 0.3 per cent to Dh6.24, even as Moody’s raised the developer’s ratings to investment-grade status because of its “strong credit metrics and business resilience”.
Mashreq was the pick of just five gainers in Dubai, with the traditionally illiquid stock rising 4.2 per cent to Dh73 in the first day the equity has traded in more than three weeks.
In the capital, the Abu Dhabi Securities Exchange General Index ended the day 0.4 per cent lower at 4,322.18.
NBAD and FGB closed down 2.6 and 0.4 per cent respectively, ahead of reports that the banks are in talks to merge.
Saudi Arabia’s Tadawul All Share Index ended the day down 0.3 per cent, while the Qatar Exchange Index closed 0.2 per cent higher.
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