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Latest News

STOCKS- Dubai, Abu Dhabi decline in early trade

Abu Dhabi developer Aldar Properties falls 0.4 percent.

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November 14, 2010 1:38 by



Emaar drops 2.2 percent and Arabtec falls 2.1 percent, pushing the emirate’s index down by 0.6 percent.

“Selling pressure is expected in the early session as investors want to be safe ahead of a long holiday,” says Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.

Abu Dhabi developer Aldar Properties falls 0.4 percent.

Bank Muscat drops 1.1 percent weighing on Oman’s index that slips 0.3 percent.

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Middle East bourses are set to decline on Sunday, tracking losses in global markets, as selling pressure continues ahead of a long Eid holidays.

Stocks, bonds, and commodities fell on Friday on fears China may raise interest rates while Ireland’s dubious debt position forced European leaders to leap to Dublin’s defense. Oil prices slumped more than 3 percent, retreating from a 25-month high.

U.S. stocks snapped a five week winning streak, ending lower as commodity and energy shares took a beating on concerns that changes in Chinese monetary policy might slow the pace of its voracious appetite for raw materials.

“The picture is foggy and investors are not sure how global markets will perform in the coming days,” says Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.

“Traders might want to stay on the safe side going into the long holidays.”

“Markets in the UAE are already down and the selling pressure may continue due to global markets. However, there might be a turnaround by the end of the session as traders anticipate gains when markets open after Eid,” says Arabi.

Dubai may be in focus as its debt woes continue with reports that Dubai Group, part of a conglomerate owned by Dubai’s ruler, missed two payments on separate loans in recent weeks, including one arranged by Citibank .

Dubai’s benchmark on a six-week low on Thursday.

Regional trading is expected to be limited with two main bourses, Kuwait and Saudi Arabia, already closed for the week-long Eid holidays. (Reporting by Praveen Menon; Editing by Reed Stevenson)



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