Equity markets in the Gulf region could not resist the fickle trend at Asian and Western markets Tuesday, when Dubai’s local stock market DFM General Index ended slightly lower after hitting a six-month high in the previous day.
The DFM Index closed down 0.5 percent at 1,744.63 points. Emaar Properties, down 1.03 percent at 3.84 dirhams (1.05 U.S. dollar), and Aramex, 2.3 percent lower at 2.12 dirhams (0.58 dollar), dragged the index down.
The FTSE NASDAQ Dubai UAE 20 Index closed at 1,883.71 points, off 0.55 percent. DP World ended flat at 0.6 dollar on high trading volumes as 21.2 million shares changed hands. Dubai-based Interior designer Depa Ltd. gained 3.08 percent to close at 0.67 dollar. Jewellery trader Damas International Ltd. plummeted 6.25 percent to finish at 0.15 dollar.
In Abu Dhabi, the ADX General Index closed 0.24 percent lower at 2,826.3 points. Market bellwethers Aldar Properties, off 1.5 percent at 2.62 dirhams (0.71 dollar), and Abu Dhabi National Energy Co., down 2.01 percent at 1.45 dirham (0.4 dollar), weighed on the index.
Kuwait’s KSE Market Index closed 0.09 percent lower at 7,026.1 points. Most listed shares were not traded. Kuwait International Bank extended a rally the share commenced in July, closing 3.22 percent higher at 0.32 Kuwaiti dinar (1.14 dollar).