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


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