Dubai market declines --profit booking or halt of the rally?-continued

March 01, 2012--The local Dubai bourse showed some form of exhaustion Thursday, closing 1.64% lower at 1,702.
But losses among blue chips were not immense and market breadth turned not in deep red territory like during previous market declines, as eight shares advanced and 19 declined. Emaar Properties (off 2.85%) and Arabtec Construction (down 3.60%) weighed on the gauge. According to analysts, the sharp rise in GCC indexes (Dubai added 25% year-to-date) was mostly based on rising oil prices, among other factors, but the global research team of Bank of America Merrill Lynch warned in a market study 'World at a glance, March' released earlier today: "In some sense, the rise in oil prices feels similar to last year, when rising growth expectations were dashed by high oil prices as well. Similar to 2011, the most recent surge in oil is not the result of strong demand growth but Middle East supply conditions stemming from tensions about Iran and the Strait of Hormuz, as well as Syria. In this US election year, higher oil and gasoline prices will be a continual focus, potentially dampening sentiment and spending appetite." At the DFM, around 565m shares were traded, valued at Dhs695.7m.

Source: AME Info


Middle East ETP News
DEPA shares hit 11-month low
October 2, 2014--The FTSE NASDAQ Dubai UAE 20 Index closed 1.61 per cent lower at 4,555.66 points on Thursday, October 2.
read more
Lackluster Abu Dhabi exchange dips
October 2, 2014--The Abu Dhabi market index ADXGI fell by 0.37 per cent to 5,111.25 points on Thursday, October 2.
read more
Emaar Malls Group gains strongly on first day of trading
October 2, 2014--Despite the euphoria on the Dubai trading floor about the first listing of the biggest IPO since 2007, the Dubai Financial Market (DFM) general index lost 1.68 per cent to close at 4,957.87 points on Thursday, October 2.
read more
Arabian Pipes in $15.46m Saudi Aramco deal
September 30, 2014--The Tadawul All-Share Index closed 0.91 per cent to reach 10,854.79 points on Tuesday, September 30.
read more
NASDAQ Dubai-listed shares retreat slightly
September 30, 2014--The FTSE NASDAQ Dubai UAE 20 Index closed 0.20 per cent higher at 4,626.40 on Tuesday, September 30.
read more
Qatar’s Ahli Bank seals $200 million syndicated loan
September 30, 2014--The QE 20 Index dipped 0.84 per cent to 13,782.31 points on Tuesday, September 2014.
read more
Dubai market property heavyweights lift gauge, Amanat announces IPO
September 30, 2014--The Dubai financial market (DFM) general index failed to recapture the 5,000 points on Tuesday, September 30, ending up by 0.14 per cent to 4,997 points.
read more
Agthia shares idle, firm presents new CEO
September 30, 2014--The ADX general index added 0.287 per cent to hit 5,088.478 points on Tuesday, September 30.
read more