UAE markets fall in line with global slide

The UAE stock property markets fell on Thursday in line with the downside plaguing the global financial markets impacted by lifetime-high oil prices and weakening dollar this week.

During the week, high volatility in share prices was witnessed on the bourses in Abu Dhabi and Dubai property.

As a result, the Emirates Securities general index fell 0.90 per cent to 6,008.17 at the close of trading from a day before.

Market analysts, however, reiterated that the foundations are strong internal exchanges, and it will be a bull run in the next few days, based on the assessment that after mid-March, a major market move the company will be closer to their reporting first quarter performance.

On the ADSM, the fall was led by the real estate sub-index, which fell 2.08 percent, followed by consumer sub-index, which fell 1.40 percent and energy sub-index was down 1.24 percent. Shares in the amount of more than Dh577.97 million sold during the day on the market, with the volume of shares exceeding 94.76 million people.

On the DFM, more than 153.36 million shares valued in excess of Dh801.38 million were traded. Deyaar Development's were the most actively traded, followed by Dubai property Financial Market shares. The day's main gainer was Arig, whose shares rose 6.39 per cent to Dh3.83. The day's main loser was Ware-Agility, whose shares declined 10.89 per cent to Dh18.00 at close.